EXHIBIT 12.1

UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Years ended December 31,
Millions of dollars	2003		2002		2001		2000			1999
Earnings from continuing operations	$	710	$	330	$	599	$	723		$	113
Provision for income taxes		522		280		452		497			121
Minority interests		9		6		41		16			16
Distributions (less than) greater than earnings from equity investments		39		6		69		(57	)		(4	)
Earnings subtotal (a)		1,280		622		1,161		1,179			246
Fixed charges included in earnings:
Interest expense		190		179		192		210			199
Distribution on convertible preferred securities		33		33		33		33			33
Interest portion of rentals (b)		24		23		19		20			22
Fixed charges subtotal		247		235		244		263			254
Earnings from continuing operations available before fixed charges	$	1,527	$	857	$	1,405	$	1,442		$	500
Fixed charges:
Fixed charges included in earnings		247		235		244		263			254
Capitalized interest		60		46		27		13			16
Total fixed charges	$	307	$	281	$	271	$	276		$	270
Ratio of earnings from continuing operations to fixed charges		5.0		3.0		5.2		5.2			1.9
(a)      Includes pre-tax impairment of :		93		47		137		66			23
The ratio of earnings, excluding impairment, to fixed charges would be:		5.3		3.2		5.7		5.5			1.9
(b)      Calculated as one-third of operating rental expense.