EX-12 2 psx-20151231_ex12.htm EXHIBIT 12 Exhibit
Exhibit 12


PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE

Computation of Ratio of Earnings to Fixed Charges



 
Millions of Dollars
 
Year Ended December 31
 
2015

 
2014

 
2013

 
2012

 
2011

Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges
$
6,035

 
5,711

 
5,509

 
6,624

 
6,619

Distributions less than equity in earnings of affiliates
185

 
197

 
(354
)
 
(872
)
 
(951
)
Fixed charges, excluding capitalized interest*
456

 
397

 
365

 
376

 
142

 
$
6,676

 
6,305

 
5,520

 
6,128

 
5,810

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest and expense on indebtedness, excluding capitalized interest
$
310

 
267

 
275

 
246

 
17

Capitalized interest
106

 
20

 
—

 
—

 
—

Interest portion of rental expense
140

 
125

 
83

 
121

 
116

 
$
556

 
412

 
358

 
367

 
133

Ratio of Earnings to Fixed Charges
12.0

 
15.3

 
15.4

 
16.7

 
43.7

* Includes amortization of capitalized interest totaling approximately $7 million for the year ended December 31, 2015. Amortization of capitalized interest for
the years ended December 31, totaled approximately $6 million in 2014, $7 million in 2013, $9 million in 2012, and $9 million in 2011.