EX-12 5 q32003_ex12-2.txt UNION OIL RATIO 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 2003 2002 -------------------------------------------------------------------------------- Earnings from continuing operations $ 565 $ 258 Provision for income taxes 455 208 Minority Interests 8 2 Distributions less than earnings from equity investments 12 1 -------------------------------------------------------------------------------- Earnings subtotal (a) 1,040 469 Fixed charges included in earnings: Interest expense 119 134 Interest portion of rentals (b) 17 14 -------------------------------------------------------------------------------- Fixed charges subtotal 136 148 Earnings from continuing operations available before fixed charges $1,176 $ 617 ================================================================================ Fixed charges: Fixed charges included in earnings $ 136 $ 148 Capitalized interest 46 33 -------------------------------------------------------------------------------- Total fixed charges $ 182 $ 181 -------------------------------------------------------------------------------- Ratio of earnings from operations to fixed charges 6.5 3.4 -------------------------------------------------------------------------------- (a) Includes pre-tax Impairment of: 86 27 The ratio of earnings, excluding impairment, to fixed charges would be: 6.9 3.6 (b) Calculated as one-third of operating rental expense.