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EXHIBIT 12
SHELL OIL COMPANY AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(MILLIONS OF DOLLARS)
YEARS ENDED DECEMBER 31
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1993 1992 1991 1990 1989
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Income before provisions for income taxes and
including amounts applicable to
unconsolidated subsidiaries................. $ 923 $ 476 $ 47 $1,550 $2,067
Add:
Interest and discount amortization on
indebtedness............................. 213 268 297 371 401
Portion of rentals representative of
interest(1).............................. 113 114 119 107 119
Amortization of interest capitalized........ 40 44 35 32 32
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Income as adjusted............................ $1,289 $ 902 $ 498 $2,060 $2,619
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Fixed charges:
Interest and discount amortization on
indebtedness............................. $ 213 $ 268 $ 297 $ 371 $ 401
Portion of rentals representative of
interest(1).............................. 113 114 119 107 119
Capitalized interest........................ 2 -- -- -- 21
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Total fixed charges........................... $ 328 $ 382 416 $ 478 $ 541
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Ratio of earnings to fixed charges............ 3.9 2.4 1.2 4.3 4.8
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(1) Calculated as one-third of rental expense.
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