EX-12 5 q32002_ex12-2.txt UNION OIL RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.2 UNION OIL COMPANY OF CALIFORNIA 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 $ 258 $ 648 Provision for income taxes 208 451 Minority Interests 2 38 Distributions greater than earnings from equity investments 1 44 ------------------------------------------------------------------------------------------------ Earnings subtotal 469 1,181 Fixed charges included in earnings: Interest expense 134 145 Interest portion of rentals 14 15 ------------------------------------------------------------------------------------------------ Fixed charges subtotal 148 160 Earnings from continuing operations available before fixed charges $ 617 $1,341 ================================================================================================ Fixed charges: Fixed charges included in earnings $ 148 $ 160 Capitalized interest 33 19 ------------------------------------------------------------------------------------------------ Total fixed charges $ 181 $ 179 ------------------------------------------------------------------------------------------------ Ratio of earnings from operations to fixed charges 3.4 7.5 ------------------------------------------------------------------------------------------------ (a) Includes pre-tax Impairment of: 27 - The ratio of earnings, excluding impairment, to fixed charges would be:3.6 7.5 (b) Calculated as one-third of operating rental expense.