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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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1994 1995 1996 1997 1998
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Income Before Change in
Accounting Principle ........... $ 1,759 $ 2,376 $ 2,964 $ 3,272 $ 1,704
Add:
Income taxes ................... 1,919 2,015 3,147 3,093 1,356
Portion of rents representative
of interest factor ........... 340 368 376 346 317
Interest and amortization
of debt discount expense ..... 461 467 455 428 451
Earnings less (greater)
than dividends from
equity affiliates ............ (40) (51) 153 (59) 329
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Income as Adjusted ............... $ 4,439 $ 5,175 $ 7,095 $ 7,080 $ 4,157
======= ======= ======= ======= =======
Fixed Charges:
Interest and amortization
of debt discount expense ..... $ 461 $ 467 $ 455 $ 428 $ 451
Capitalized interest ........... 37 47 78 101 74
Portion of rents representative
of interest factor ........... 340 368 376 346 317
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Total Fixed Charges .............. $ 838 $ 882 $ 909 $ 875 $ 842
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Ratio of Earnings to Fixed Charges 5.3 5.9 7.8 8.1 4.9
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For the years ended December 31, 1994, 1995, 1996, 1997, and 1998, Fixed Charges
exclude $37 million, $28 million, $24 million, $29 million and $25 million,
respectively, of interest expense attributable to debt issued by the Mobil Oil
Corporation Employee Stock Ownership Plan Trust and guaranteed by Mobil.
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Mobil - 29 -