EXHIBIT 12.1
Marathon Oil Corporation
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends
TOTAL ENTERPRISE BASIS--Unaudited
Including Discontinued Operations
(Dollars in Millions)
Year Ended December 31
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2001 2000 1999 1998 1997
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Portion of rentals representing interest...... $ 54 $ 52 $ 49 $ 53 $ 35
Capitalized interest, including discontinued
operations.................................. 27 19 26 46 31
Other interest and fixed charges, including
discontinued operations..................... 349 375 365 318 352
Pretax earnings which would be required to
cover preferred stock dividend requirements
of parent................................... 12 12 14 15 20
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Combined fixed charges and preferred stock
dividends (A)............................... $ 442 $ 458 $ 454 $ 432 $ 438
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Earnings-pretax income with
applicable adjustments (B).................. $3,213 $1,809 $1,866 $1,087 $1,067
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Ratio of (B) to (A)........................... 7.26 3.95 4.11 2.51 2.43
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