EX-12 4 q32002_ex12-1.txt UNOCAL RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12.1 UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Nine Months Ended September 30, ------------------------------- Millions of dollars 2002 2001 -------------------------------------------------------------------------------------------------- Earnings from continuing operations $ 234 $ 629 Provision for income taxes 203 447 Minority Interests 2 38 Distributions greater than earnings from equity investments 1 44 -------------------------------------------------------------------------------------------------- Earnings subtotal (a) 440 1,158 Fixed charges included in earnings: Interest expense 134 145 Distribution on convertible preferred securities 24 24 Interest portion of rentals (b) 14 15 -------------------------------------------------------------------------------------------------- Fixed charges subtotal 172 184 Earnings from continuing operations available before fixed charges $ 612 $1,342 ================================================================================================== Fixed charges: Fixed charges included in earnings $ 172 $ 184 Capitalized interest 33 19 -------------------------------------------------------------------------------------------------- Total fixed charges $ 205 $ 203 -------------------------------------------------------------------------------------------------- Ratio of earnings from operations to fixed charges 3.0 6.6 -------------------------------------------------------------------------------------------------- (a) Includes pre-tax Impairment of: 27 - The ratio of earnings, excluding impairment, to fixed charges would be: 3.1 6.6 (b) Calculated as one-third of operating rental expense.