EX-12 12 d361347dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES

TOTAL ENTERPRISE

Computation of Ratio of Earnings to Fixed Charges

 

                                                                                         
     Millions of Dollars  
    

Six Months
Ended June 30

2012

     Years Ended December 31  
       2011     2010     2009     2008     2007  
  

 

 

  

Earnings Available for Fixed Charges

             

Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges

    $ 2,960        6,619        1,314        843        4,111        9,290   

Distributions less than equity in earnings of affiliates

      (561 )      (951 )      (723 )      (562 )      (106 )      (86 ) 

Fixed charges, excluding capitalized interest*

      159        142        153        160        208        165   

 

  
   $ 2,558        5,810        744        441        4,213        9,369   

 

  

Fixed Charges

             

Interest and expense on indebtedness, excluding capitalized interest

    $ 96        17        1        1        42        27   

Capitalized interest

      —        —        4        57        41        14   

Interest portion of rental expense

      58        116        133        153        160        132   

 

  
   $ 154        133        138        211        243        173   

 

  

Ratio of Earnings to Fixed Charges

      16.6        43.7        5.4        2.1        17.3        54.2   

 

  
* Includes amortization of capitalized interest totaling approximately $5 million for the six months ended June 30, 2012. Amortization of capitalized interest for the years ended December 31, totaled approximately $9 million in 2011, $19 million in 2010, $6 million in 2009, $6 million in 2008 and $6 million in 2007.