EX-12 3 q12004_ex121.txt EX 12.1 UNOCAL'S 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 2004 2003 ------------------------------------------------------------------------------------------------------------------ Earnings from continuing operations $ 269 $ 217 Provision for income taxes 181 168 Minority Interests 5 2 Distributions less than earnings from equity investments (10) (11) ------------------------------------------------------------------------------------------------------------------ Earnings subtotal (a) 445 376 Fixed charges included in earnings: Interest expense 41 38 Distribution on convertible preferred securities - 8 Interest portion of rentals (b) 6 6 ------------------------------------------------------------------------------------------------------------------ Fixed charges subtotal 47 52 Earnings from continuing operations available before fixed charges $ 492 $ 428 ================================================================================================================== Fixed charges: Fixed charges included in earnings $ 47 $ 52 Capitalized interest 16 16 ------------------------------------------------------------------------------------------------------------------ Total fixed charges $ 63 $ 68 ------------------------------------------------------------------------------------------------------------------ Ratio of earnings from operations to fixed charges 7.8 6.3 ------------------------------------------------------------------------------------------------------------------ (a) Includes pre-tax Impairment of: 5 - The ratio of earnings, excluding impairment, to fixed charges would be: 7.9 6.3 (b) Calculated as one-third of operating rental expense.