EX-12 4 q22002_ex12-2.txt UNION OIL EXHIBIT 12.2
EXHIBIT 12.2 UNION OIL COMPANY OF CALIFORNIA 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 $ 151 $ 539 Provision for income taxes 139 372 Minority Interests 5 30 Distributions (less than) greater than earnings from equity investments (0) 31 ----------------------------------------------------------------------------------------------------------------- Earnings subtotal 295 972 Fixed charges included in earnings: Interest expense 94 97 Interest portion of rentals 10 10 ----------------------------------------------------------------------------------------------------------------- Fixed charges subtotal 104 107 Earnings from continuing operations available before fixed charges $ 399 $1,079 ================================================================================================================= Fixed charges: Fixed charges included in earnings $ 104 $ 107 Capitalized interest 19 11 ----------------------------------------------------------------------------------------------------------------- Total fixed charges $ 123 $ 118 ----------------------------------------------------------------------------------------------------------------- Ratio of earnings from operations to fixed charges 3.2 9.1 ----------------------------------------------------------------------------------------------------------------- (a) Includes pre-tax Impairment of: 21 - The ratio of earnings, excluding impairment, to fixed charges would be: 3.4 9.1 (b) Calculated as one-third of operating rental expense.