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)
First
Quarter Ended
March 31 Year Ended December 31
-------------- --------------------------------------
2002 2001 2001 2000 1999 1998 1997
------ ------ ------ ------ ------ ------ ------
Portion of rentals
representing interest..... $ 15 $ 13 $ 54 $ 52 $ 49 $ 53 $ 35
Capitalized interest,
including discontinued
operations................ 3 7 27 19 26 46 31
Other interest and
fixed charges, including
discontinued operations... 69 98 349 375 365 318 352
Pretax earnings which
would be required to
cover preferred stock
dividend requirements
of parent................. - 3 12 12 14 15 20
------ ------ ------ ------ ------ ------ ------
Combined fixed charges and
preferred stock
dividends (A)............. $ 87 $ 121 $ 442 $ 458 $ 454 $ 432 $ 438
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Earnings-pretax income with
applicable adjustments (B). $ 191 $ 970 $3,213 $1,809 $1,866 $1,087 $1,067
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Ratio of (B) to (A)......... 2.19 8.01 7.26 3.95 4.11 2.51 2.43
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