EX-12 5 q22003_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 Six Months Ended June 30, ------------------------------- Millions of dollars 2003 2002 -------------------------------------------------------------------------------- Earnings from continuing operations $ 404 $ 151 Provision for income taxes 305 139 Minority Interests 4 5 Distributions less than earnings from equity investments (5) - -------------------------------------------------------------------------------- Earnings subtotal 708 295 Fixed charges included in earnings: Interest expense 74 94 Interest portion of rentals 11 10 -------------------------------------------------------------------------------- Fixed charges subtotal 85 104 Earnings from continuing operations available before fixed charges $ 793 $ 399 ================================================================================ Fixed charges: Fixed charges included in earnings $ 85 $ 104 Capitalized interest 35 19 -------------------------------------------------------------------------------- Total fixed charges $ 120 $ 123 -------------------------------------------------------------------------------- Ratio of earnings from operations to fixed charges 6.6 3.2 -------------------------------------------------------------------------------- (a) Includes pre-tax Impairment of: 3 21 The ratio of earnings, excluding impairment, to fixed charges would be: 6.6 3.4 (b) Calculated as one-third of operating rental expense.