EX-12 3 q22002_ex12-1.txt UNOCAL CORPORATION EXHIBIT 12.1
EXHIBIT 12.1 UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES For the Six Months Ended June 30, ------------------------------- Millions of dollars 2002 2001 ----------------------------------------------------------------------------------------------------------------- Earnings from continuing operations $ 135 $ 527 Provision for income taxes 135 370 Minority Interests 4 30 Distributions (less than) greater than earnings from equity investments (0) 31 ----------------------------------------------------------------------------------------------------------------- Earnings subtotal (a) 274 958 Fixed charges included in earnings: Interest expense 94 97 Distribution on convertible preferred securities 16 16 Interest portion of rentals (b) 10 10 ----------------------------------------------------------------------------------------------------------------- Fixed charges subtotal 120 123 Earnings from continuing operations available before fixed charges $ 394 $1,081 ================================================================================================================= Fixed charges: Fixed charges included in earnings $ 120 $ 123 Capitalized interest 19 11 ----------------------------------------------------------------------------------------------------------------- Total fixed charges $ 139 $ 134 ----------------------------------------------------------------------------------------------------------------- Ratio of earnings from operations to fixed charges 2.8 8.1 ----------------------------------------------------------------------------------------------------------------- (a) Includes pre-tax Impairment of: 21 - The ratio of earnings, excluding impairment, to fixed charges would be: 3.0 8.1 (b) Calculated as one-third of operating rental expense.