1
EXHIBIT 12
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
Three Months Ended
March 31 Year Ended December 31
------------------- -------------------------------------------------------
1998 1997 1997 1996 1995 1994 1993
- --------------------------------------------- ------- ------ ------ ------ ------ ------ ------
Income(loss) from continuing
operations(a) $ 139 $ 121 $ 245 $ 486 $ 325 $ (236) $ (190)
------ ------ ------ ------ ------ ------ ------
Add:
Provision(credit) for taxes on
income (other than foreign
and gas taxes) 80 68 47 99 155 (59) (23)
Interest and debt expense(b) 135 110 446 492 591 586 598
Portion of lease rentals
representative of the interest factor 9 9 39 38 43 50 49
------ ------ ------ ------ ------ ------ ------
224 187 532 629 789 577 624
------ ------ ------ ------ ------ ------ ------
Earnings(loss) before fixed charges $ 363 $ 308 $ 777 $1,115 $1,114 $ 341 $ 434
====== ====== ====== ====== ====== ====== ======
Fixed charges
Interest and debt expense
including capitalized
interest(b) $ 139 $ 113 $ 462 $ 499 $ 595 $ 589 $ 609
Portion of lease rentals
representative of the
interest factor 9 9 39 38 43 50 49
------ ------ ------ ------ ------ ------ ------
Total fixed charges $ 148 $ 122 $ 501 $ 537 $ 638 $ 639 $ 658
====== ====== ====== ====== ====== ====== ======
Ratio of earnings to fixed charges 2.45 2.52 1.55 2.08 1.75 n/a(c) n/a(c)
- --------------------------------------------- ====== ====== ====== ====== ====== ====== ======
(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) Not computed due to less than one-to-one coverage. Earnings were inadequate
to cover fixed charges by $298 million in 1994 and $224 in 1993.