Exhibit 12

AMERADA HESS CORPORATION
Ratio of Earnings to Fixed Charges
(in thousands)

	Nine Months
	Ended			Years Ended December 31,
	September 30,
	2003			2002			2001			2000			1999			1998			1997			1996
Earnings
Pre-tax consolidated income (loss) from continuing operations	$	679,917		$	(64,893	)	$	1,318,176		$	1,507,585		$	631,000		$	(537,000	)	$	32,000		$	916,000
Fixed charges (excluding capitalized interest)		262,082			302,840			238,866			203,950			195,713			192,838			182,632			209,517
Amortization of capitalized interest		13,934			16,680			16,335			18,310			19,362			19,189			22,821			27,099
Minority interest in consolidated subsidiary with fixed charges		33,243			7,218			77,394			42,479			34,917			5,117			5,141			–
Less: earnings of equity investees		(127,858	)		41,576			(52,008	)		(128,315	)		(9,074	)		29,844			(31,525	)		(25,084	)
Distributed earnings of equity investees		7,100			5,000			–			9,715			16,176			3,586			2,086			2,086
Total earnings (deficit)	$	868,418		$	308,421		$	1,598,763		$	1,653,724		$	888,094		$	(286,426	)	$	213,155		$	1,129,618
Fixed Charges
Interest expensed	$	223,721		$	255,567		$	194,202		$	162,467		$	158,222		$	152,934		$	136,149		$	165,501
Interest capitalized		30,923			100,916			44,043			2,989			15,754			23,559			10,284			–
Total interest incurred (including amortization of debt discount)		254,644			356,483			238,245			165,456			173,976			176,493			146,433			165,501
Portion of rent expense representative of interest (a)		38,361			47,273			44,664			41,483			37,491			39,904			46,483			44,016
Total fixed charges	$	293,005		$	403,756		$	282,909		$	206,939		$	211,467		$	216,397		$	192,916		$	209,517
Ratio of earnings to fixed charges		3.0			(b	)		5.7			8.0			4.2			(b	)		1.1			5.4

(a)	–	Represents management’s estimate of the interest portion of rent expense.
(b)	–	In 2002, fixed charges of $403,756 and earnings of $308,421 resulted in a deficiency of $95,335 in the ratio of earnings to fixed charges. In 1998, fixed charges of $216,397 combined with a deficit of $286,426 result in a deficiency of $502,823 in the ratio of earnings to fixed charges.

AMERADA HESS CORPORATION
Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(in thousands)

		Nine Months
	Ended				Years Ended December 31,
		September
	30, 2003				2002			2001			2000			1999			1998			1997			1996
Earnings
Pre-tax consolidated income (loss) from continuing operations		$	679,917		$	(64,893	)	$	1,318,176		$	1,507,585		$	631,000		$	(537,000	)	$	32,000		$	916,000
Fixed charges (excluding capitalized interest)			262,082			302,840			238,866			203,950			195,713			192,838			182,632			209,517
Amortization of capitalized interest			13,934			16,680			16,335			18,310			19,362			19,189			22,821			27,099
Minority interest in consolidated subsidiary with fixed charges			33,243			7,218			77,394			42,479			34,917			5,117			5,141			–
Less: earnings of equity investees			(127,858	)		41,576			(52,008	)		(128,315	)		(9,074	)		29,844			(31,525	)		(25,084	)
Distributed earnings of equity investees			7,100			5,000			–			9,715			16,176			3,586			2,086			2,086
Total earnings (deficit)		$	868,418		$	308,421		$	1,598,763		$	1,653,724		$	888,094		$	(286,426	)	$	213,155		$	1,129,618
Fixed Charges
Interest expensed		$	223,721		$	255,567		$	194,202		$	162,467		$	158,222		$	152,934		$	136,149		$	165,501
Interest capitalized			30,923			100,916			44,043			2,989			15,754			23,559			10,284			–
Total interest incurred (including amortization of debt discount)			254,644			356,483			238,245			165,456			173,976			176,493			146,433			165,501
Preference security dividend requirements			566			754			754			348			–			–			–			–
Portion of rent expense representative of interest (a)			38,361			47,273			44,664			41,483			37,491			39,904			46,483			44,016
Total fixed charges		$	293,571		$	404,510		$	283,663		$	207,287		$	211,467		$	216,397		$	192,916		$	209,517
Ratio of earnings to fixed charges			3.0			(b	)		5.6			8.0			4.2			(b	)		1.1			5.4

(a)	–	Represents management’s estimate of the interest portion of rent expense.
(b)	–	In 2002, fixed charges of $404,510 and earnings of $308,421 resulted in a deficiency of $96,089 in the ratio of earnings to fixed charges. In 1998, fixed charges of $216,397 combined with a deficit of $286,426 result in a deficiency of $502,823 in the ratio of earnings to fixed charges.

     For purposes of these ratio calculations, earnings are defined as the sum of:

(1) Pre-tax consolidated income (loss) from continuing operations, reduced by earnings of equity investees.

(2) Fixed charges (as defined below). Fixed charges are reduced by interest capitalized during the period.

(3) Amortization expense related to capitalized interest.

(4) Distributed earnings of equity investees.

(5) Minority interest in a consolidated subsidiary with fixed charges.

     For the ratio of earnings to fixed charges, fixed charges are defined as the sum of:

(1) All interest, whether expensed or capitalized.

(2) Amortization of debt issue costs and discount or premium relating to any indebtedness.

(3) Estimated interest portion of rental expense.

     For the ratio of earnings to combined fixed charges and preference dividends, earnings do not change and fixed charges are as defined above plus our preferred stock dividend requirements.