EXHIBIT 12
TOSCO CORPORATION AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
1998 1997 1998 1997
----------- ----------- ----------- ----------
Income before income taxes and distributions on Trust
Preferred Securities $175,772 $ 118,930 $ 251,095 $ 129,435
Fixed charges to be added to income before income taxes
and distributions on Trust Preferred Securities:
Interest expense, including amortization of financing costs 33,472 45,801 70,922 69,944
Interest factor of rental expense 15,199 12,919 29,928 20,094
------------ ------------- ------------ -----------
Earnings $224,443 $177,650 $351,945 $219,473
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Interest expense, including amortization of financing costs $33,472 $45,801 $70,922 $69,944
Interest capitalized 1,379 458 1,528 707
Interest factor of rental expense 15,199 12,919 29,928 20,094
Distributions on Trust Preferred Securities 4,312 4,312 8,625 8,625
------------ ------------- ------------ -----------
Fixed charges $54,362 $63,490 $111,003 $99,370
------------ ------------- ------------ -----------
Ratio of earnings to fixed charges 4.13 2.80 3.17 2.21
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TOSCO CORPORATION
(Registrant)
Date: August __, 1998 By: /S/ ROBERT I. SANTO
----------------------
(Robert I. Santo)
Vice President and
Chief Accounting Officer