Exhibit 12

The Williams Companies, Inc.
Computation of Ratio of Earnings to Fixed Charges

	Years Ended December 31,
	2006			2005			2004			2003			2002
	(Dollars in millions)
Earnings:
Income (loss) from continuing operations before income taxes and cumulative effect of change in accounting principles	$	539.1		$	531.3		$	224.5		$	(62.8	)	$	(908.7	)
Minority interest in income and preferred returns of consolidated subsidiaries		40.0			25.7			21.4			19.4			41.8
Less: Equity earnings		(98.9	)		(65.6	)		(49.9	)		(20.3	)		(73.0	)
Income from continuing operations before income taxes and cumulative effect of change in accounting principles, minority interest in income and preferred returns of consolidated subsidiaries and equity earnings		480.2			491.4			196.0			(63.7	)		(939.9	)
Add:
Fixed charges:
Interest accrued, including proportionate share from 50% owned investees		700.4			684.7			838.5			1,298.3			1,172.4
Rental expense representative of interest factor		15.5			19.2			19.7			26.7			23.8
Preferred distributions		—			—			—			47.8			58.1
Total fixed charges		715.9			703.9			858.2			1,372.8			1,254.3
Distributed income of equity-method investees		113.0			107.7			60.5			21.5			81.3
Less:
Capitalized interest		(17.2	)		(7.2	)		(6.7	)		(45.5	)		(27.3	)
Preferred distributions		—			—			—			(47.8	)		(58.1	)
Total earnings as adjusted	$	1,291.9		$	1,295.8		$	1,108.0		$	1,237.3		$	310.3
Fixed charges		715.9			703.9		$	858.2		$	1,372.8		$	1,254.3
Ratio of earnings to fixed charges		1.80			1.84			1.29			(a	)		(a	)

(a) Earnings were inadequate to cover fixed charges by $135.5 million for the year ended December 31, 2003, and $944.0 million for the year ended December 31, 2002.