EX-12 2 h66537exv12.htm EX-12 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  
    2009     2008  
 
                
Earnings Available for Fixed Charges
                
Income from continuing operations before income taxes and noncontrolling interests
   $ 2,023       7,558  
Distributions less than equity in earnings of 50-percent-or-less-owned companies
    (324 )     (989 )
Fixed charges, excluding capitalized interest*
     411       274  
   
 
   $ 2,110       6,843  
   
 
                
Fixed Charges
                
Interest and debt expense, excluding capitalized interest
   $ 310       207  
Capitalized interest
     118       157  
Interest portion of rental expense
     52       43  
Interest expense relating to guaranteed debt of 50-percent-or-less-owned companies
     -       -  
   
 
   $ 480       407  
   
Ratio of Earnings to Fixed Charges
     4.4       16.8  
   
*Includes amortization of capitalized interest totaling approximately $49 million in 2009 and $24 million in 2008.
Earnings available for fixed charges include, if any, our equity in losses of companies owned less than 50 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 50 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.