EXHIBIT 12
ANADARKO PETROLEUM CORPORATION
CONSOLIDATED STATEMENT OF COMPUTATION OF RATIOS OF
EARNINGS TO FIXED CHARGES AND EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
FIVE YEARS ENDED DECEMBER 31, 2001
<Table>
<Caption>
Years Ended December 31
--------------------------------------
millions except ratio amounts 2001 2000 1999 1998 1997
----- ------ ---- ----- ----
Gross Income (Loss) $(298) $1,519 $179 $ (7) $205
Rentals 14 16 11 12 8
----- ------ ---- ----- ----
Earnings (Loss) (284) 1,535 190 5 213
----- ------ ---- ----- ----
Gross Interest Expense 301 193 96 82 62
Rentals 14 16 11 13 8
----- ------ ---- ----- ----
Fixed Charges $ 315 $ 209 $107 $ 95 $ 70
----- ------ ---- ----- ----
Preferred Stock
Dividends 11 17 17 11 --
----- ------ ---- ----- ----
Combined Fixed Charges
and Preferred Stock
Dividends $ 326 $ 226 $124 $ 106 $ 70
----- ------ ---- ----- ----
Ratio of Earnings to
Fixed Charges n/m 7.35 1.77 0.05 3.04
----- ------ ---- ----- ----
Ratio of Earnings to
Combined Fixed Charges
and Preferred Stock
Dividends n/m 6.80 1.53 0.05 3.04
----- ------ ---- ----- ----
- ---------------------------
n/m -- not meaningful
</Table>
As a result of the Company's net loss in 2001, Anadarko's earnings did not cover
fixed charges by $599 million and did not cover combined fixed charges and
preferred stock dividends by $610 million. In 1998, Anadarko's earnings did not
cover fixed charges by $90 million and did not cover combined fixed charges and
preferred stock dividends by $101 million.
These ratios were computed by dividing earnings by either fixed charges or
combined fixed charges and preferred stock dividends. For this purpose, earnings
include income before income taxes and fixed charges. Fixed charges include
interest and amortization of debt expenses and the estimated interest component
of rentals. Preferred stock dividends are adjusted to reflect the amount of
pretax earnings required for payment.