EX-12 5 q22004_ex121.txt EXHIBIT 12.1 UNOCAL EARNINGS/FIXED RATIO Exhibit 12.1 UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Six Months Ended June 30, ------------------------------- Millions of dollars 2004 2003 ------------------------------------------------------------------------------------------------------------------ Earnings from continuing operations $ 548 $ 379 Provision for income taxes 323 297 Minority Interests 4 4 Distributions less than earnings from equity investments (16) (5) ------------------------------------------------------------------------------------------------------------------ Earnings subtotal (a) 859 675 Fixed charges included in earnings: Interest expense 87 74 Distribution on convertible preferred securities - 16 Interest portion of rentals (b) 12 11 ------------------------------------------------------------------------------------------------------------------ Fixed charges subtotal 99 101 Earnings from continuing operations available before fixed charges $ 958 $ 776 ================================================================================================================== Fixed charges: Fixed charges included in earnings $ 99 $ 101 Capitalized interest 26 35 ------------------------------------------------------------------------------------------------------------------ Total fixed charges $ 125 $ 136 ------------------------------------------------------------------------------------------------------------------ Ratio of earnings from operations to fixed charges 7.7 5.7 ------------------------------------------------------------------------------------------------------------------ (a) Includes pre-tax Impairment of: 14 3 The ratio of earnings, excluding impairment, to fixed charges would be: 7.8 5.7 (b) Calculated as one-third of operating rental expense.