EX-12 3 ex12-20041q.txt EXHIBIT 12 EXHIBIT 12 OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES (Amounts in millions, except ratios)
Three Months Ended Year Ended March 31 December 31 ------------------ --------------------------------------------------- 2004 2003 2003 2002 2001 2000 1999 ========================================= ======= ======= ======= ======= ======= ======= ======= Income from continuing operations $ 487 $ 393 $ 1,595 $ 1,163 $ 1,179 $ 1,557 $ 461 Add: Minority interest(a) 13 19 62 77 143 185 58 Adjusted income from equity investments(b) 4 25 69 308 89 31 73 ------- ------- ------- ------- ------- ------- ------- 504 437 1,726 1,548 1,411 1,773 592 ------- ------- ------- ------- ------- ------- ------- Add: Provision for taxes on income (other than foreign oil and gas taxes) 199 183 682 (41) 172 871 306 Interest and debt expense(c) 72 133 335 309 411 540 515 Portion of lease rentals representative of the interest factor 2 7 8 6 7 6 31 ------- ------- ------- ------- ------- ------- ------- 273 323 1,025 274 590 1,417 852 ------- ------- ------- ------- ------- ------- ------- Earnings before fixed charges $ 777 $ 760 $ 2,751 $ 1,822 $ 2,001 $ 3,190 $ 1,444 ======= ======= ======= ======= ======= ======= ======= Fixed charges Interest and debt expense including capitalized interest(c) $ 74 $ 134 $ 341 $ 321 $ 417 $ 543 $ 522 Portion of lease rentals representative of the interest factor 2 7 8 6 7 6 31 ------- ------- ------- ------- ------- ------- ------- Total fixed charges $ 76 $ 141 $ 349 $ 327 $ 424 $ 549 $ 553 ======= ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges 10.22 5.39 7.88 5.57 4.72 5.81 2.61 ========================================= ======= ======= ======= ======= ======= ======= =======
(a) Represents minority interests in net income of majority-owned subsidiaries and partnerships having fixed charges. (b) Represents income from less-than-50-percent-owned equity investments adjusted to reflect only dividends received. (c) Includes proportionate share of interest and debt expense of 50-percent-owned equity investments.