EX-12 3 anadarko_exhibt12-063002.htm ANADARKO EXHIBIT 12 JUNE 30, 2002 - RATIOS Exhibit 12 Form 10-Q June 30, 2002

EXHIBIT 12

 

ANADARKO PETROLEUM CORPORATION
CONSOLIDATED STATEMENT OF COMPUTATION OF RATIOS OF
EARNINGS TO FIXED CHARGES AND EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

Six Months Ended June 30, 2002 and Five Years Ended December 31, 2001

Six Months

Ended

June 30,

Years Ended December 31

millions except ratio amounts

2002

2001

2000

1999

1998

1997

Gross Income (Loss)

$

566

  

$

(298

)

$

1,519

  

$

179

  

$

(7

)

$

205

  

Rentals

  

8

    

14

    

16

    

11

    

12

    

8

  

Earnings (Loss)

  

574

    

(284

)

  

1,535

    

190

    

5

    

213

  
                                     

Gross Interest Expense

  

176

    

301

    

193

    

96

    

82

    

62

  

Rentals

  

8

    

14

    

16

    

11

    

13

    

8

  

Fixed Charges

$

184

  

$

315

  

$

209

  

$

107

  

$

95

  

$

70

  
                                     

Preferred Stock

                                   

 Dividends

  

5

    

11

    

17

    

17

    

11

    

--

  
                                     

Combined Fixed Charges

                                   

 and Preferred Stock

                                   

 Dividends

$

189

  

$

326

  

$

226

  

$

124

  

$

106

  

$

70

  
                                     

Ratio of Earnings to

                                   

 Fixed Charges

  

3.12

    

n/m

    

7.35

    

1.77

    

0.05

    

3.04

  

                                   

Ratio of Earnings to

                                    

 Combined Fixed Charges

                                   

 and Preferred Stock

                                   

 Dividends

    

3.04

    

n/m

    

6.80

    

1.53

    

0.05

    

3.04

  

n/m - not meaningful

                                    

As a result of the Company's net loss in 2001, Anadarko's earnings did not cover fixed charges by $599 million and did not cover combined fixed charges and preferred stock dividends by $610 million. In 1998, Anadarko's earnings did not cover fixed charges by $90 million and did not cover combined fixed charges and preferred stock dividends by $101 million.

These ratios were computed by dividing earnings by either fixed charges or combined fixed charges and preferred stock dividends. For this purpose, earnings include income before income taxes and fixed charges. Fixed charges include interest and amortization of debt expenses and the estimated interest component of rentals. Preferred stock dividends are adjusted to reflect the amount of pretax earnings required for payment.