EX-12 4 psx-6302013xex12.htm EXHIBIT 12 PSX-6/30/2013-Ex12

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

 
Years Ended December 31
 
2013

 
2012
 
2011
 
2010
 
2009
 
2008
Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges
$
3,550

 
6,624

 
6,619

 
1,314

 
843

 
4,111

Distributions less than equity in earnings of affiliates
(21
)
 
(872
)
 
(951
)
 
(723
)
 
(562
)
 
(106
)
Fixed charges, excluding capitalized interest*
204

 
376

 
142

 
153

 
160

 
208

 
$
3,733

 
6,128

 
5,810

 
744

 
441

 
4,213

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest and expense on indebtedness, excluding capitalized interest
$
139

 
246

 
17

 
1

 
1

 
42

Capitalized interest
—

 
—

 
—

 
4

 
57

 
41

Interest portion of rental expense
61

 
121

 
116

 
133

 
153

 
160

 
$
200

 
367

 
133

 
138

 
211

 
243

Ratio of Earnings to Fixed Charges
18.7

 
16.7

 
43.7

 
5.4

 
2.1

 
17.3

* Includes amortization of capitalized interest totaling approximately $4 million for the six months ended June 30, 2013. Amortization of capitalized interest for the years ended December 31, totaled approximately $9 million in 2012, $9 million in 2011, $19 million in 2010, $6 million in 2009 and $6 million in 2008.