1 EXHIBIT 12.2 TENNECO INC. AND CONSOLIDATED SUBSIDIARIES COMBINED WITH 50% OWNED UNCONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (DOLLARS IN MILLIONS) (UNAUDITED) SIX MONTHS ENDED JUNE 30, ----------------- 1999 1998 ---- ---- Income (loss) from continuing operations.................... $ 53 $106 Add: Interest............................................... 42 30 Portion of rentals representative of interest factor... 5 5 Preferred stock dividend requirements of majority-owned subsidiaries.......................................... 13 14 Income tax expense (benefit) and other taxes on income................................................ 44 55 Amortization of interest capitalized................... -- -- Undistributed (earnings) losses of affiliated companies in which less than a 50% voting interest is owned..... -- -- ---- ---- Earnings (loss) as defined........................ $157 $210 ==== ==== Interest.................................................... $ 42 $ 30 Interest capitalized........................................ -- -- Portion of rentals representative of interest factor........ 5 5 Preferred stock dividend requirements of majority-owned subsidiaries on a pre-tax basis........................... 22 20 ---- ---- Fixed charges as defined.......................... $ 69 $ 55 ==== ==== Ratio of earnings to fixed charges.......................... 2.28 3.82 ==== ====