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                                                                      EXHIBIT 12
 
                      WILLIAMS HOLDINGS OF DELAWARE, INC.
 
               COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                             (DOLLARS IN MILLIONS)
 


                                                                                          SIX MONTHS
                                                YEARS ENDED DECEMBER 31,                  ENDED JUNE
                                     -----------------------------------------------         30,
                                      1994       1993      1992      1991      1990          1995
                                     ------     ------     -----     -----     -----     ------------
                                                                       
Earnings:
  Income from continuing operations
     before income taxes...........  $179.1     $244.9     $53.1     $23.8     $35.8        $115.0
  Add:
     Interest expense -- net.......    21.1        9.4      17.4      26.1      19.4          28.8
     Rental expense representative
       of interest factor..........     4.9        3.4       3.6       3.8       1.1           3.6
     Preferred dividends of
       subsidiaries................      --         --        --        --        --           5.4
     Other.........................      .8       (1.0)     (5.7)      (.1)     (2.0)          (.2)
                                     ------     ------     -----     -----     -----        ------
          Total earnings as
            adjusted plus fixed
            charges................  $205.9     $256.7     $68.4     $53.6     $54.3        $152.6
                                     ======     ======     =====     =====     =====        ======
Fixed charges:
  Interest expense -- net..........  $ 21.1     $  9.4     $17.4     $26.1     $19.4        $ 28.8
  Capitalized interest.............     4.7        5.4       2.9       3.5       1.5           4.1
  Rental expense representative of
     interest factor...............     4.9        3.4       3.6       3.8       1.1           3.6
  Pretax effect of preferred
     dividends of subsidiaries.....      --         --        --        --        --           8.3
                                     ------     ------     -----     -----     -----        ------
          Total fixed charges......  $ 30.7     $ 18.2     $23.9     $33.4     $22.0        $ 44.8
                                     ======     ======     =====     =====     =====        ======
Ratio of earnings to fixed
  charges..........................    6.71      14.10      2.86      1.60      2.47          3.41
                                     ======     ======     =====     =====     =====        ======