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EXHIBIT 12
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
Six Months
Ended June 30 Year Ended December 31
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1995 1994 1994 1993 1992 1991 1990
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Income(loss) from continuing
operations(a) $ 380 $ (65) $ (46) $ 80 $ 131 $ 374 $(1,416)
Add: -------- -------- -------- -------- -------- -------- -------
Provision (credit) for taxes on
income (other than foreign oil
and gas taxes) 187 (20) 50 204 114 343 (78)
Interest and debt expense(b) 295 306 594 601 666 880 919
Portion of lease rentals
representative of the interest
factor 27 26 55 53 56 57 62
Preferred dividends to minority
stockholders of subsidiaries(c) -- -- -- -- 7 11 7
-------- -------- -------- -------- -------- -------- -------
509 312 699 858 843 1,291 910
-------- -------- -------- -------- -------- -------- -------
Earnings(loss) before fixed charges $ 889 $ 247 $ 653 $ 938 $ 974 $ 1,665 $ (506)
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Fixed charges
Interest and debt expense
including capitalized interest(b) $ 301 $ 308 $ 599 $ 612 $ 685 $ 912 $ 972
Portion of lease rentals
representative of the interest
factor 27 26 55 53 56 57 62
Preferred dividends to minority
stockholders of subsidiaries(c) -- -- -- -- 7 11 7
-------- -------- -------- -------- -------- -------- -------
Total fixed charges $ 328 $ 334 $ 654 $ 665 $ 748 $ 980 $ 1,041
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Ratio of earnings to fixed charges 2.71 n/a(d) n/a(e) 1.41 1.30 1.70 n/a(f)
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(a) Includes (1) minority interest in net income of majority-owned subsidiaries having fixed charges and (2) income
from less-than-50-percent-owned equity investments adjusted to reflect only dividends received.
(b) Includes proportionate share of interest and debt expense of 50-percent-owned equity investments.
(c) Adjusted to a pretax basis.
(d) Not computed due to less than one-to-one coverage. Earnings were inadequate to cover fixed charges by
$87 million.
(e) Not computed due to less than one-to-one coverage. Earnings were inadequate to cover fixed charges by
$1 million.
(f) Not computed due to negative result. Earnings were inadequate to cover fixed charges by $1.547 billion.