EX-12 3 ex12-2.txt EXHIBIT 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 2005 2004 -------------------------------------------------------------------------------- Earnings from continuing operations $ 452 $ 276 Provision for income taxes 248 182 Minority Interests 2 5 Distributions greater (less) than earnings from equity investments 1 (10) -------------------------------------------------------------------------------- Earnings subtotal (a) 703 453 Fixed charges included in earnings: Interest expense 33 33 Interest portion of rentals (b) 6 6 -------------------------------------------------------------------------------- Fixed charges subtotal 39 39 Earnings from continuing operations available before fixed charges $ 742 $ 492 ================================================================================ Fixed charges: Fixed charges included in earnings $ 39 $ 39 Capitalized interest 15 16 -------------------------------------------------------------------------------- Total fixed charges $ 54 $ 55 -------------------------------------------------------------------------------- Ratio of earnings from operations to fixed charges 13.7 8.9 -------------------------------------------------------------------------------- (a) Includes pre-tax impairment of: - 5 The ratio of earnings, excluding impairment, to fixed charges would be: 13.7 9.0 (b) Calculated as one-third of operating rental expense.