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EXHIBIT 12
MOBIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN MILLIONS, EXCEPT FOR RATIO AMOUNT)
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YEAR ENDED DECEMBER 31,
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1993 1994 1995 1996 1997
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Income Before Change in
Accounting Principle............. $2,084 $1,759 $2,376 $2,964 $3,272
Add:
Income taxes..................... 1,931 1,919 2,015 3,147 3,093
Portion of rents representative
of interest factor............. 339 340 368 376 346
Interest and amortization
of debt discount expense....... 529(a) 461 467 455 428
Earnings less (greater)
than dividends from
equity affiliates.............. 265 (40) (51) 153 (59)
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Income as Adjusted................. $5,148 $4,439 $5,175 $7,095 $7,080
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Fixed Charges:
Interest and amortization
of debt discount expense....... $ 529(a) $ 461 $ 467 $ 455 $ 428
Capitalized interest............. 42 37 47 78 101
Portion of rents representative
of interest factor............. 339 340 368 376 346
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Total Fixed Charges................ $ 910 $ 838 $ 882 $ 909 $ 875
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Ratio of Earnings to Fixed Charges 5.7(a) 5.3 5.9 7.8 8.1
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For the years ended December 31, 1993, 1994, 1995, 1996 and 1997, Fixed Charges
exclude $31 million, $37 million, $28 million, $24 million and $29 million,
respectively, of interest expense attributable to debt issued by the Mobil Oil
Corporation Employee Stock Ownership Plan Trust and guaranteed by Mobil.
(a) Excludes the favorable effect of $205 million of interest benefits from
the resolution of prior-period tax issues.
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Mobil -29-