Exhibit 12

The Williams Companies, Inc.

Computation of Ratio of Earnings to Fixed Charges

	Years Ended December 31,
	2012			2011			2010			2009			2008
	(Millions)
Earnings:
Income from continuing operations before income taxes and noncontrolling interests	$	1,289		$	1,202		$	385		$	550		$	875
Less: Equity earnings, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investees		(28	)		(40	)		(35	)		(31	)		(41	)
Income from continuing operations before income taxes, equity earnings, and noncontrolling interests		1,261			1,162			350			519			834
Add:
Fixed charges:
Interest incurred, including proportionate share from 50% owned investees and unconsolidated majority-owned investees (a)		604			655			667			691			658
Rental expense representative of interest factor		11			10			10			10			14
Total fixed charges		615			665			677			701			672
Distributed income of equity method investees, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investees		32			41			39			24			43
Less:
Capitalized interest		(59	)		(25	)		(36	)		(61	)		(45	)
Total earnings as adjusted	$	1,849		$	1,843		$	1,030		$	1,183		$	1,504
Fixed charges	$	615		$	665		$	677		$	701		$	672
Ratio of earnings to fixed charges		3.01			2.77			1.52			1.69			2.24

(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.