EX-12 4 q32003_ex12-1.txt UNOCAL RATIO 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 2003 2002 -------------------------------------------------------------------------------- Earnings from continuing operations $ 538 $ 234 Provision for income taxes 448 203 Minority Interests 8 2 Distributions less than earnings from equity investments 12 1 -------------------------------------------------------------------------------- Earnings subtotal (a) 1,006 440 Fixed charges included in earnings: Interest expense 119 134 Distribution on convertible preferred securities 24 24 Interest portion of rentals (b) 17 14 -------------------------------------------------------------------------------- Fixed charges subtotal 160 172 Earnings from continuing operations available before fixed charges $1,166 $ 612 ================================================================================ Fixed charges: Fixed charges included in earnings $ 160 $ 172 Capitalized interest 46 33 -------------------------------------------------------------------------------- Total fixed charges $ 206 $ 205 -------------------------------------------------------------------------------- Ratio of earnings from operations to fixed charges 5.7 3.0 -------------------------------------------------------------------------------- (a) Includes pre-tax Impairment of: 86 27 The ratio of earnings, excluding impairment, to fixed charges would be: 6.1 3.1 (b) Calculated as one-third of operating rental expense.