EX-12 2 q32004_ex121.txt EXHIBIT 12.1 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 2004 2003 ------------------------------------------------------------------------------------------------------------------ Earnings from continuing operations $ 877 $ 529 Provision for income taxes 495 442 Minority Interests 6 8 Distributions greater (less) than earnings from equity investments (13) 12 ------------------------------------------------------------------------------------------------------------------ Earnings subtotal (a) 1,365 991 Fixed charges included in earnings: Interest expense 127 119 Distribution on convertible preferred securities - 24 Interest portion of rentals (b) 18 17 ------------------------------------------------------------------------------------------------------------------ Fixed charges subtotal 145 160 Earnings from continuing operations available before fixed charges $ 1,510 $ 1,151 ================================================================================================================== Fixed charges: Fixed charges included in earnings $ 145 $ 160 Capitalized interest 44 46 ------------------------------------------------------------------------------------------------------------------ Total fixed charges $ 189 $ 206 ------------------------------------------------------------------------------------------------------------------ Ratio of earnings from operations to fixed charges 8.0 5.6 ------------------------------------------------------------------------------------------------------------------ (a) Includes pre-tax Impairment of: 42 86 The ratio of earnings, excluding impairment, to fixed charges would be: 8.2 6.0 (b) Calculated as one-third of operating rental expense.