EX-12.2 9 0009.txt STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12.2 UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Years ended December 31, ---------------------------------------------------------- Millions of dollars 2000 1999 1998 1997 1996 ------------------------------------------------------------------------------------------------------------------------------------ Earnings from continuing operations $ 723 $ 113 $ 93 $ 615 $ 358 Provision for income taxes 497 121 168 73 248 Minority interests 16 16 7 9 2 Distributions (less than) greater than earnings from equity investments (57) (4) (2) (65) (10) ------------------------------------------------------------------------------------------------------------------------------------ Earnings subtotal (a) 1,179 246 266 632 598 Fixed charges included in earnings: Interest expense 210 199 177 183 279 Distribution on convertible preferred securities 33 33 33 33 10 Interest portion of rentals (b) 20 22 20 23 40 ------------------------------------------------------------------------------------------------------------------------------------ Fixed charges subtotal 263 254 230 239 329 Earnings from continuing operations available before fixed charges $ 1,442 $ 500 $ 496 $ 871 $ 927 ------------------------------------------------------------------------------------------------------------------------------------ Fixed charges: Fixed charges included in earnings 263 254 230 239 329 Capitalized interest 13 16 26 35 15 Preferred stock dividends, pre-tax basis - - - - 29 ------------------------------------------------------------------------------------------------------------------------------------ Total fixed charges $ 276 $ 270 $ 256 $ 274 $ 373 ------------------------------------------------------------------------------------------------------------------------------------ Ratio of earnings from continuing operations to fixed charges 5.2 1.9 1.9 3.2 2.5 ==================================================================================================================================== (a) Includes pre-tax impairment of: 66 23 102 69 75 The ratio of earnings, excluding impairment, to fixed charges would be: 5.5 1.9 2.3 3.4 2.7 (b) Calculated as one-third of operating rental expense.