Exhibit 12
CONOCOPHILLIPS AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars
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Nine Months Ended
September 30
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2002 2001
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(Unaudited)
Earnings Available for Fixed Charges
Income before income taxes $1,129 2,929
Distributions less than equity in earnings
of fifty-percent-or-less-owned companies (52) (28)
Fixed charges, excluding capitalized
interest* 562 328
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$1,639 3,229
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Fixed Charges
Interest and expense on indebtedness,
excluding capitalized interest $ 347 240
Capitalized interest 161 170
Preferred dividend requirements of
capital trusts 31 40
Interest portion of rental expense 150 32
Interest expense relating to guaranteed
debt of fifty-percent-or-less-owned
companies 12 -
Interest expense relating to guaranteed
debt of greater-than-fifty-percent-
owned companies 1 -
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$ 702 482
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Ratio of Earnings to Fixed Charges 2.3 6.7
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*Includes amortization of capitalized interest totaling
approximately $22 million and $16 million in 2002 and 2001,
respectively.
Earnings available for fixed charges include, if any, the company's
equity in losses of companies owned fifty percent or less that have
debt for which the company is contingently liable. Fixed charges
include the company's proportionate share, if any, of interest
relating to the contingent debt.
Earnings available for fixed charges include, if any, 100 percent
of the losses of companies owned greater than fifty percent that
have debt for which the company is contingently liable. Fixed
charges include 100 percent of interest and capitalized interest,
if any, relating to the contingent debt.
In 1990, the company guaranteed a $400 million bank loan for the
Long-Term Stock Savings Plan (LTSSP), an employee benefit plan.
Consolidated interest expense includes a minimal amount of interest
attributable to the LTSSP borrowing in both the first nine months
of 2001 and 2000.