EX-12 7 h12939exv12.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
    Years Ended December 31
 
     2003       2002       2001       2000       1999  
 
  
 		    
 		    
 		    
 		    
 		  
    (Unaudited)
Earnings Available for Fixed Charges
                                        
Income from continuing operations before income taxes
   $ 8,337       2,141       3,241       3,748       1,178  
Distributions less than equity in earnings of fifty-percent-or-less-owned companies
     (52 )     3       58       (30 )     (7 )
Fixed charges, excluding capitalized interest*
     1,018       850       501       481       396  
 
 
   $ 9,303       2,994       3,800       4,199       1,567  
 
Fixed Charges
                                        
Interest and expense on indebtedness, excluding capitalized interest
   $ 844       566       338       369       279  
Capitalized interest
     327       232       231       174       49  
Preferred dividend requirements of subsidiary and capital trusts
     —       38       53       53       53  
Interest portion of rental expense
     149       181       90       42       47  
Interest expense relating to guaranteed debt of fifty-percent-or-less-owned companies
     1       16       —       —       —  
Interest expense relating to guaranteed debt of greater than fifty-percent-owned companies
     —       3       —       —       —  
 
 
   $ 1,321       1,036       712       638       428  
 
Ration of Earnings to Fixed Charges
     7.0       2.9       5.3       6.6       3.7  
 
* Includes amortization of capitalized interest totaling approximately $25 million in 2003, $46 million in 2002, $20 million in 2001, and $17 million each in 2000 and 1999.

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.

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 the company is contingently liable. Fixed charges include 100 percent of interest and capitalized interest, if any, relating to the contingent debt.