THE PREMCOR REFINING GROUP INC. AND SUBSIDIARIES Exhibit 12
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
For the year ended December 31,
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1997 1998 1999 2000 2001
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Earnings Available for Fixed Charges
Pretax earnings (loss) from continuing operations
before minority interest $ (47.9) $ (48.9) $ (64.6) $ 82.2 $ 244.7
Fixed charges 57.2 65.6 110.9 145.3 148.2
Amortization of capitalized interest 0.1 0.1 0.2 0.8 3.4
Capitalized interest (1.4) (3.0) (22.8) (62.1) (5.3)
Other (1) (1.3) 0.5 - (0.2) -
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$ 6.7 $ 14.3 $ 23.7 $ 166.0 $ 391.0
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Fixed Charges
Interest expense $ 44.7 $ 61.4 $ 89.2 $ 129.9 $ 129.8
Financing costs 11.0 2.4 17.5 12.1 15.4
Interest factor attributable to rent expense 1.5 1.8 4.2 3.3 3.0
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$ 57.2 $ 65.6 $ 110.9 $ 145.3 $ 148.2
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Ratio of Earnings to Fixed Charges 0.12 0.22 0.21 1.14 2.64
For the six
months ended
2001 2002
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Earnings Available for Fixed Charges
Pretax earnings (loss) from continuing operations
before minority interest $ 223.1 $ (209.4)
Fixed charges 76.4 62.7
Amortization of capitalized interest 1.6 1.6
Capitalized interest (2.6) (3.1)
Other (1) - -
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$ 298.5 $ (148.2)
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Fixed Charges
Interest expense $ 67.5 $ 53.5
Financing costs 7.6 7.6
Interest factor attributable to rent expense 1.3 1.6
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$ 76.4 $ 62.7
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Ratio of Earnings to Fixed Charges 3.91 (2.36)
(1) Represents adjustments to reflect only distributed earnings of
investments accounted for under the equity method.