EX-12 2 ex12-20111q.htm EXHIBIT 12 ex12-20111q.htm

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
  
       
2011
    
2010
    
2010
    
2009
    
2008
    
2007
    
2006
  
 
Income from continuing operations
  
$
  
1,405
  
$
1,121
  
$
4,641
  
$
3,202
  
$
7,299
  
$
5,147
  
$
4,238
  
                                               
Subtract:
                                              
Net income attributable to noncontrolling interest
      
―
    
(24
)
  
(72
)
  
(51
)
  
(116
)
  
(75
)
  
(111
)
Adjusted income from equity investments(a)
      
(48
)
  
(51
)
  
(60
)
  
(88
)
  
(84
)
  
(28
)
  
(52
)
       
 
1,357
    
 
1,046
    
 
4,509
    
 
3,063
    
 
7,099
    
 
5,044
    
 
4,075
  
                                               
Add:
                                              
Provision for taxes on income (other than foreign oil and gas taxes)
      
434
    
355
    
1,099
    
695
    
2,213
    
1,577
    
1,545
  
Interest and debt expense (b)
      
52
    
38
    
116
    
140
    
133
    
344
    
297
  
Portion of lease rentals representative of the interest factor
      
14
    
14
    
57
    
57
    
58
    
60
    
52
  
       
 
500
    
 
407
    
 
1,272
    
 
892
    
 
2,404
    
 
1,981
    
 
1,894
  
Earnings before fixed charges
  
 
$
  
 
1,857
  
 
$
 
1,433
  
 
$
 
5,781
  
 
$
 
3,955
  
 
$
 
9,503
  
 
$
 
7,025
  
 
$
 
5,969
  
                                               
Fixed charges:
                                              
Interest and debt expense including capitalized interest (b)
  
$
  
69
  
$
56
  
$
203
  
$
218
  
$
201
  
$
403
  
$
352
  
Portion of lease rentals representative of the interest factor
      
14
    
14
    
57
    
57
    
58
    
60
    
52
  
 
Total fixed charges
  
$
  
83
  
$
70
  
$
260
  
$
275
  
$
259
  
$
463
  
$
404
  
                                               
Ratio of earnings to fixed charges
      
22.37
    
20.47
    
22.23
    
14.38
    
36.69
    
15.17
    
14.77
  
Note:  Argentine operations have been reflected as held for sale for all periods.
  
(a)
Represents adjustments to arrive at distributed income from equity investees.
  
(b)
The first quarter 2011 amount excludes a pre-tax charge of $163 million for the early redemption of debt.