EX-12 4 q12002_ex12-2.txt UNION OIL EXHIBIT 12 Exhibit 12.2
UNION OIL COMPANY OF CALIFORNIA AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES For the Three Months Ended March 31, ------------------------------- Millions of dollars 2002 2001 -------------------------------------------------------------------------------- Earnings from continuing operations $ 30 $ 296 Provision for income taxes 43 190 Minority Interests 1 16 Distributions (less than) greater than earnings from equity investments 18 3 -------------------------------------------------------------------------------- Earnings subtotal 92 505 Fixed charges included in earnings: Interest expense 51 49 Interest portion of rentals 5 5 -------------------------------------------------------------------------------- Fixed charges subtotal 56 54 Earnings from continuing operations available before fixed charges $ 148 $ 559 ================================================================================ Fixed charges: Fixed charges included in earnings $ 56 $ 54 Capitalized interest 9 5 -------------------------------------------------------------------------------- Total fixed charges $ 65 $ 59 -------------------------------------------------------------------------------- Ratio of earnings from operations to fixed charges 2.3 9.5 --------------------------------------------------------------------------------