EX-12 3 h02131exv12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 CONOCOPHILLIPS AND CONSOLIDATED SUBSIDIARIES TOTAL ENTERPRISE Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars --------------------------------------------- Years Ended December 31 --------------------------------------------- 2001 2000 1999 1998 1997 ------ ------ ------ ------ ------ (Unaudited) EARNINGS AVAILABLE FOR FIXED CHARGES Income from continuing operations before income taxes $3,285 3,747 1,175 410 1,886 Distributions less than equity in earnings of fifty-percent-or-less- owned companies 58 (30) (7) (19) (54) Fixed charges, excluding capitalized interest* 501 481 396 314 333 ------ ------ ------ ------ ------ $3,844 4,198 1,564 705 2,165 ====== ====== ====== ====== ====== FIXED CHARGES Interest and expense on indebtedness, excluding capitalized interest $ 338 369 279 200 198 Capitalized interest 231 174 49 48 46 Preferred dividend requirements of subsidiary and capital trusts 53 53 53 53 113 Interest portion of rental expense 90 42 47 45 39 ------ ------ ------ ------ ------ $ 712 638 428 346 396 ====== ====== ====== ====== ====== RATIO OF EARNINGS TO FIXED CHARGES 5.4 6.6 3.7 2.0 5.5 ------ ------ ------ ------ ------
* Includes amortization of capitalized interest totaling approximately $20 million in 2001, $17 million each in 2000 and 1999, $16 million in 1998, and $14 million in 1997. Earnings available for fixed charges include, if any, the company's equity in losses of companies owned less than fifty percent and having debt for which the company is contingently liable. Fixed charges include the company's proportionate share, if any, of interest relating to the contingent debt. In 1990, the company guaranteed a $400 million bank loan for the Long-Term Stock Savings Plan (LTSSP), an employee benefit plan. Consolidated interest expense includes interest attributable to the LTSSP borrowings of $4 million in 2000. Interest attributable to the LTSSP borrowings was minimal in 2001, 1999, 1998 and 1997.