EXHIBIT 12.1

UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Years ended December 31,
Millions of dollars	2004			2003		2002		2001		2000
Earnings from continuing operations	$	1,145		$	698	$	323	$	591	$	722
Provision for income taxes		673			514		277		448		496
Minority interests		11			9		6		41		16
Distributions greater (less) than earnings from equity investments		(16	)		39		6		69		(57	)
Earnings subtotal (a)		1,813			1,260		612		1,149		1,177
Fixed charges included in earnings:
Interest expense		160			190		179		192		210
Distribution on convertible preferred securities		—			33		33		33		33
Interest portion of rentals (b)		24			24		23		19		20
Fixed charges subtotal		184			247		235		244		263
Earnings from continuing operations available before fixed charges	$	1,997		$	1,507	$	847	$	1,393	$	1,440
Fixed charges:
Fixed charges included in earnings	$	184		$	247	$	235	$	244	$	263
Capitalized interest		65			60		46		27		13
Total fixed charges	$	249		$	307	$	281	$	271	$	276
Ratio of earnings from continuing operations to fixed charges		8.0			4.9		3.0		5.1		5.2
(a) Includes pre-tax impairment of :		74			93		47		137		66
The ratio of earnings, excluding impairment, to fixed charges would be:		8.3			5.2		3.2		5.6		5.5
(b) Calculated as one-third of operating rental expense.