EXHIBIT 12
EXXON CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(MILLIONS OF DOLLARS)
YEAR ENDED DECEMBER 31,
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1994 1993 1992 1991 1990
------ ------ ------ ------- -------
Income before cumulative effect of
accounting changes.................. $5,100 $5,280 $4,810 $ 5,600 $ 5,010
Excess/(shortfall) of dividends over
earnings of affiliates owned less
than 50% accounted for by the equity
method.............................. (20) (24) (28) (75) 16
Provision for income taxes(1)........ 3,025 3,113 2,811 3,304 3,482
Capitalized interest................. (306) (291) (287) (256) (134)
Minority interests in earnings of
consolidated subsidiaries........... 231 246 229 150 250
------ ------ ------ ------- -------
8,030 8,324 7,535 8,723 8,624
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Fixed Charges:(1)
Interest expense--borrowings........ 530 533 580 711 1,139
Capitalized interest................ 405 374 364 331 210
Rental expense representative of in-
terest factor...................... 401 387 382 391 355
Dividends on preferred stock........ 3 7 29 27 36
------ ------ ------ ------- -------
1,339 1,301 1,355 1,460 1,740
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Total adjusted earnings available for
payment of fixed charges............ $9,369 $9,625 $8,890 $10,183 $10,364
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Number of times fixed charges are
earned.............................. 7.0 7.4 6.6 7.0 6.0
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Note:
(1) The provision for income taxes and the fixed charges include Exxon
Corporation's share of non-consolidated companies 50% owned.
1