EX-12 6 q12003_ex12-1.txt EX 12.1 UNOCAL RATIO EXHIBIT 12.1
UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES For the Three Months Ended March 31, ------------------------------- Millions of dollars 2003 2002 ------------------------------------------------------------------------------------------------------------------ Earnings from continuing operations $ 217 $ 22 Provision for income taxes 168 40 Minority Interests 2 1 Distributions greater than earnings from equity investments (11) 18 ------------------------------------------------------------------------------------------------------------------ Earnings subtotal (a) 376 81 Fixed charges included in earnings: Interest expense 38 51 Distribution on convertible preferred securities 8 8 Interest portion of rentals (b) 6 5 ------------------------------------------------------------------------------------------------------------------ Fixed charges subtotal 52 64 Earnings from continuing operations available before fixed charges $ 428 $ 145 ================================================================================================================== Fixed charges: Fixed charges included in earnings $ 52 $ 64 Capitalized interest 16 9 ------------------------------------------------------------------------------------------------------------------ Total fixed charges $ 68 $ 73 ------------------------------------------------------------------------------------------------------------------ Ratio of earnings from operations to fixed charges 6.3 2.0 ------------------------------------------------------------------------------------------------------------------ (a) Includes pre-tax Impairment of: - - The ratio of earnings, excluding impairment, to fixed charges would be: 6.3 2.0 (b) Calculated as one-third of operating rental expense.