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EXHIBIT 12
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
2000 1999 1998 1997 1996
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Net income ............................................ $ 1,902 $ 744 $ 450 $ 1,097 $ 863
Provision for Income Taxes ............................ 1,556 473 244 1,010 1,038
Equity in Earnings of Affiliates ...................... (277) (150) (22) (40) 25
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Pretax Income before Adjustment for Minority
Interests in Consolidated Subsidiaries or
Income or Loss from Equity Affiliates .............. 3,181 1,067 672 2,067 1,926
Fixed Charges (see below) ............................. 445 412 337 174 188
Amortization of Capitalized Interest .................. 41 46 40 46 53
Distributed Income in Equity Affiliates ............... 134 77 105 58 85
Capitalized Interest .................................. (17) (6) (72) (94) (75)
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Total Adjusted Earnings Available for Payment of
Fixed Charges(a)(b) ................................ $ 3,784 $ 1,596 $ 1,082 $ 2,251 $ 2,177
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Ratio of Earnings to Fixed Charges .................... 8.5 3.9 3.2 12.9 11.6
Fixed Charges
Interest and Debt Expense - Borrowings ............ $ 338 $ 311 $ 199 $ 36 $ 74
Capitalized Interest .............................. 16 6 72 94 75
Rental Expense Representative of Interest
Factor ......................................... 91 95 66 44 39
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Total Fixed Charges ................................... $ 445 $ 412 $ 337 $ 174 $ 188
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Ratio of Earnings to Fixed Charges Excluding
Special Items
Earnings From Above ............................... 3,784 $ 1,596 $ 1,082 $ 2,251 $ 2,177
Special Items (pretax)(c) ......................... 44 60 454 (91) (22)
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Earnings Adjusted For Special Items ................... $ 3,828 $ 1,656 $ 1,536 $ 2,160 $ 2,155
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Fixed Charges From Above .............................. $ 445 $ 412 $ 337 $ 174 $ 188
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Ratio of Earnings Adjusted For Special Items to
Fixed Charges ...................................... 8.6 4.0 4.6 12.4 11.5
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a) Equity affiliate pretax losses, where incurred, include no guaranteed
payments.
b) There are no fixed charges in subsidiaries with minority interests.
c) Includes special items as reported in Conoco's form 10-K for 2000 and
prior years.