EXHIBIT 12
EQUISTAR CHEMICALS, LP
STATEMENT SETTING FORTH DETAIL FOR COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
(Millions of dollars)
Three Months
Ended
Year Ended December 31, March 31,
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1998 1999 2000 2001 2002 2002 2003
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Income (loss) from continuing operations before
income taxes ............................................... $ 143 $ 32 $ 153 $(280) $(246) $(126) $(146)
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Fixed charges:
Interest expense ........................................ 156 182 185 192 205 52 50
Portion of rentals representative of interest ........... 37 37 38 37 42 9 10
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Total fixed charges before capitalized interest ....... 193 219 223 229 247 61 60
Capitalized interest .................................... -- -- -- -- -- -- --
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Total fixed charges including capitalized
interest ............................................. 193 219 223 229 247 61 60
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Earnings (loss) before fixed charges ........................ $ 336 $ 251 $ 376 $ (51) $ 1 $(65) $ (86)
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Ratio of earnings to fixed charges (a) ...................... 1.7 1.1 1.7 -- -- -- --
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(a) Earnings were insufficient to cover fixed charges for the years ended 2001
and 2002 and for the three months ended March 31, 2002 and 2003 by $280
million, $246 million, $126 million and $146 million, respectively.