EX-12 2 h56205exv12.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  
    2008     2007  
 
Earnings Available for Fixed Charges
                
Income from continuing operations before income taxes and minority interest
   $ 7,558       6,076  
Distributions less than equity in earnings of fifty-percent-or-less-owned companies
     (989 )     (567 )
Fixed charges, excluding capitalized interest*
     274       388  
   
 
   $ 6,843       5,897  
   
 
Fixed Charges
                
Interest and debt expense, excluding capitalized interest
   $ 207       307  
Capitalized interest
     157       135  
Interest portion of rental expense
     43       58  
Interest expense relating to guaranteed debt of fifty-percent-or-less-owned companies
     -       2  
   
  $ 407       502  
   
Ratio of Earnings to Fixed Charges
     16.8       11.7  
   
*Includes amortization of capitalized interest totaling approximately $24 million in 2008 and $21 million in 2007.
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.