EX-12 2 ex12-1.txt EXHIBIT 12.1 UNOCAL 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 2005 2004 -------------------------------------------------------------------------------- Earnings from continuing operations $ 449 $ 267 Provision for income taxes 247 180 Minority Interests 2 5 Distributions greater (less) than earnings from equity investments 1 (10) -------------------------------------------------------------------------------- Earnings subtotal (a) 699 442 Fixed charges included in earnings: Interest expense 33 41 Interest portion of rentals (b) 6 6 -------------------------------------------------------------------------------- Fixed charges subtotal 39 47 Earnings from continuing operations available before fixed charges $ 738 $ 489 ================================================================================ Fixed charges: Fixed charges included in earnings $ 39 $ 47 Capitalized interest 15 16 -------------------------------------------------------------------------------- Total fixed charges $ 54 $ 63 -------------------------------------------------------------------------------- Ratio of earnings from operations to fixed charges 13.7 7.8 -------------------------------------------------------------------------------- (a) Includes pre-tax impairment of: - 5 The ratio of earnings, excluding impairment, to fixed charges would be: 13.7 7.8 (b) Calculated as one-third of operating rental expense.