Exhibit 12

PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES

TOTAL ENTERPRISE

Computation of Ratio of Earnings to Fixed Charges

	Millions of Dollars
	Nine Months Ended September 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	$	5,407			6,619			1,314			843			4,111			9,290
Distributions less than equity in earnings of affiliates		(928	)		(951	)		(723	)		(562	)		(106	)		(86	)
Fixed charges, excluding capitalized interest*		264			142			153			160			208			165
	$	4,743			5,810			744			441			4,213			9,369
Fixed Charges
Interest and expense on indebtedness, excluding capitalized interest	$	170			17			1			1			42			27
Capitalized interest		—			—			4			57			41			14
Interest portion of rental expense		87			116			133			153			160			132
	$	257			133			138			211			243			173
Ratio of Earnings to Fixed Charges		18.5			43.7			5.4			2.1			17.3			54.2

* Includes amortization of capitalized interest totaling approximately $7 million for the nine months ended September 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.