EX-12 7 q12003_ex12-2.txt EXH 12.2 UNION OIL RATIO EXHIBIT 12.2
UNION OIL COMPANY OF CALIFORNIA 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 $ 225 $ 30 Provision for income taxes 170 43 Minority Interests 2 1 Distributions greater than earnings from equity investments (11) 18 ------------------------------------------------------------------------------------------------------------------ Earnings subtotal 386 92 Fixed charges included in earnings: Interest expense 38 51 Interest portion of rentals 6 5 ------------------------------------------------------------------------------------------------------------------ Fixed charges subtotal 44 56 Earnings from continuing operations available before fixed charges $ 430 $ 148 ================================================================================================================== Fixed charges: Fixed charges included in earnings $ 44 $ 56 Capitalized interest 16 9 ------------------------------------------------------------------------------------------------------------------ Total fixed charges $ 60 $ 65 ------------------------------------------------------------------------------------------------------------------ Ratio of earnings from operations to fixed charges 7.2 2.3 ------------------------------------------------------------------------------------------------------------------ (a) Includes pre-tax Impairment of: - - The ratio of earnings, excluding impairment, to fixed charges would be: 7.2 2.3 (b) Calculated as one-third of operating rental expense.