EX-12 3 h06215aexv12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
 

Exhibit 12

CONOCOPHILLIPS AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE


Computation of Ratio of Earnings to Fixed Charges

                   
      Millions of Dollars
     
      Three Months Ended
      March 31
     
      2003   2002
     
 
      (Unaudited)
Earnings Available for Fixed Charges
               
 
Income from continuing operations before income taxes
  $ 2,565       51  
 
Distributions less than equity in earnings of fifty-percent-or-less-owned companies
    (1 )     28  
 
Fixed charges, excluding capitalized interest*
    261       149  
 
 
   
     
 
 
  $ 2,825       228  
 
 
   
     
 
Fixed Charges
               
 
Interest and expense on indebtedness, excluding capitalized interest
  $ 209       107  
 
Capitalized interest
    74       51  
 
Preferred dividend requirements of subsidiary and capital trusts
    7       13  
 
Interest portion of rental expense
    42       23  
 
 
   
     
 
 
  $ 332       194  
 
 
   
     
 
Ratio of Earnings to Fixed Charges
    8.5       1.2  
 
 
   
     
 

             
* Includes amortization of capitalized interest totaling approximately $3 million in 2003 and $6 million in 2002.

Earnings available for fixed charges include, if any, our equity in losses of companies owned less than fifty percent and having debt for which the company is contingently liable. Fixed charges include our proportionate share, if any, of interest relating to the contingent debt.

Earnings available for fixed charges include, if any, 100 percent of the losses of companies owned greater than fifty percent that have debt for which we are contingently liable. Fixed charges include 100 percent of interest and capitalized interest, if any, relating to the contingent debt.