EX-12 7 f10k2001_ex12-2.txt UNOCAL RATIO OF EARNINGS/FIXED & PREFERRED EXHIBIT 12.2 UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Years ended December 31, -------------------------------------- Millions of dollars 2001 2000 1999 1998 1997 ------------------------------------------------------------------------------- Earnings from continuing operations $ 599 $ 723 $ 113 $ 93 $ 615 Provision for income taxes 452 497 121 168 73 Minority interests 41 16 16 7 9 Distributions (less than) greater than earnings from equity investments 69 (57) (4) (2) (65) ------------------------------------------------------------------------------- Earnings subtotal (a) 1,161 1,179 246 266 632 Fixed charges included in earnings: Interest expense 192 210 199 177 183 Distribution on convertible preferred securities 33 33 33 33 33 Interest portion of rentals (b) 19 20 22 20 23 ------------------------------------------------------------------------------- Fixed charges subtotal 244 263 254 230 239 Earnings from continuing operations available before fixed charges $ 1,405 $1,442 $ 500 $ 496 $ 871 ------------------------------------------------------------------------------- Fixed charges: Fixed charges included in earnings 244 263 254 230 239 Capitalized interest 27 13 16 26 35 ------------------------------------------------------------------------------- Total fixed charges $ 271 $ 276 $ 270 $ 256 $ 274 ------------------------------------------------------------------------------- Ratio of earnings from continuing operations to fixed charges 5.2 5.2 1.9 1.9 3.2 ------------------------------------------------------------------------------- (a) Includes pre-tax impairment of : 137 66 23 102 69 The ratio of earnings, excluding impairments, to fixed charges would be: 5.7 5.5 1.9 2.3 3.4 (b) Calculated as one-third of operating rental expense.