EX-12.2 9 y82934exv12w2.txt STATEMENT RE COMPUTATION OF RATIO OF EARNINGS EXHIBIT 12.2 UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
NINE MONTHS ENDED SEPTEMBER 30 YEARS ENDED DECEMBER 31, ------------------- ---------------------------------------------------------- Millions of Dollars 2002 2001 2001 2000 1999 1998 1997 ------- ------- ------- ------- ------- ------- ------- Earnings from continuing operations $ 234 $ 629 $ 599 $ 723 $ 113 $ 93 $ 577 Provision for income taxes 203 447 452 497 121 168 59 Minority interests 2 38 41 16 16 7 9 Distributions (less than) greater than earnings from equity investments 1 44 69 (57) (4) (2) (65) ------- ------- ------- ------- ------- ------- ------- Earnings subtotal (a) 440 1,158 1,161 1,179 246 266 580 Fixed charges included in earnings: Interest expense 134 145 192 210 199 177 183 Distribution on convertible preferred securities 24 24 33 33 33 33 33 Interest portion of rentals (b) 14 15 19 20 22 20 23 ------- ------- ------- ------- ------- ------- ------- Fixed charges subtotal 172 184 244 263 254 230 239 Earnings from continuing operations available before fixed charges $ 612 $ 1,342 $ 1,405 $ 1,442 $ 500 $ 496 $ 819 ------- ------- ------- ------- ------- ------- ------- Fixed charges: Fixed charges included in earnings $ 172 $ 184 244 263 254 230 239 Capitalized interest 33 19 27 13 16 26 35 ------- ------- ------- ------- ------- ------- ------- Total fixed charges $ 205 $ 203 $ 271 $ 276 $ 270 $ 256 $ 274 ------- ------- ------- ------- ------- ------- ------- Ratio of earnings from continuing operations to fixed charges 3.0 6.6 5.2 5.2 1.9 1.9 3.0 ------- ------- ------- ------- ------- ------- ------- (a) Includes pre-tax impairment of: 27 -- 137 66 23 102 69 The ratio of earnings, excluding impairment, to fixed charges would be: 3.1 6.6 5.7 5.5 1.9 2.3 3.2 (b) Calculated as one-third of operating rental expense