EX-12 4 q12004_ex122.txt EX 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 2004 2003 ------------------------------------------------------------------------------------------------------------------ Earnings from continuing operations $ 278 $ 225 Provision for income taxes 183 170 Minority Interests 5 2 Distributions less than earnings from equity investments (10) (11) ------------------------------------------------------------------------------------------------------------------ Earnings subtotal 456 386 Fixed charges included in earnings: Interest expense 33 38 Interest portion of rentals 6 6 ------------------------------------------------------------------------------------------------------------------ Fixed charges subtotal 39 44 Earnings from continuing operations available before fixed charges $ 495 $ 430 ================================================================================================================== Fixed charges: Fixed charges included in earnings $ 39 $ 44 Capitalized interest 16 16 ------------------------------------------------------------------------------------------------------------------ Total fixed charges $ 55 $ 60 ------------------------------------------------------------------------------------------------------------------ Ratio of earnings from operations to fixed charges 9.0 7.2 ------------------------------------------------------------------------------------------------------------------ (a) Includes pre-tax Impairment of: 5 - The ratio of earnings, excluding impairment, to fixed charges would be: 9.1 7.2 (b) Calculated as one-third of operating rental expense.