Exhibit 12

The Williams Companies, Inc.

Computation of Ratio of Earnings to Fixed Charges

	Years Ended December 31,
	2011			2010			2009			2008			2007
	(Millions)
Earnings:
Income from continuing operations before income taxes	$	1,202		$	385		$	550		$	875		$	986
Less: Equity earnings, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investees		(40	)		(35	)		(31	)		(41	)		(35	)
Income from continuing operations before income taxes and equity earnings		1,162			350			519			834			951
Add:
Fixed charges:
Interest accrued, including proportionate share from 50% owned investees and unconsolidated majority-owned investees (a)		655			667			691			658			688
Rental expense representative of interest factor		10			10			10			14			15
Total fixed charges		665			677			701			672			703
Distributed income of equity-method investees, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investees		41			39			24			43			34
Less:
Capitalized interest		(25	)		(36	)		(61	)		(45	)		(25	)
Total earnings as adjusted	$	1,843		$	1,030		$	1,183		$	1,504		$	1,663
Fixed charges	$	665		$	677		$	701		$	672		$	703
Ratio of earnings to fixed charges		2.77			1.52			1.69			2.24			2.37

(a) Does not include interest related to income taxes, including interest related to liabilities for uncertain tax positions, which is included in provision (benefit) for income taxes in our Consolidated Statement of Operations.