EX-12 2 ex12-20113q.htm EXHIBIT 12 ex12-20113q.htm

EXHIBIT 12
  
   
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES  
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
  


   
Nine Months Ended
                
Year Ended
  
   
September 30
                
December 31
  
       
2011
    
2010
    
2010
    
2009
    
2008
    
2007
    
2006
  
                                               
Income from continuing operations
  
$
  
4,999
  
$
3,435
  
$
4,641
  
$
3,202
  
$
7,299
  
$
5,147
  
$
4,238
  
                                               
Subtract:
                                              
Net income attributable to noncontrolling interest
      
―
    
(58
)
  
(72
)
  
(51
)
  
(116
)
  
(75
)
  
(111
)
Adjusted income from equity investments (a)
      
(68
)
  
(60
)
  
(60
)
  
(88
)
  
(84
)
  
(28
)
  
(52
)
       
4,931
    
3,317
    
4,509
    
3,063
    
7,099
    
5,044
    
4,075
  
                                               
Add:
                                              
Provision for taxes on income (other than foreign oil and gas taxes)
      
1,453
    
978
    
1,099
    
695
    
2,213
    
1,577
    
1,545
  
Interest and debt expense (b)
      
104
    
92
    
116
    
140
    
133
    
344
    
297
  
Portion of lease rentals representative of the interest factor
      
41
    
42
    
57
    
57
    
58
    
60
    
52
  
       
1,598
    
1,112
    
1,272
    
892
    
2,404
    
1,981
    
1,894
  
Earnings before fixed charges
  
$
  
6,529
  
$
4,429
  
$
5,781
  
$
3,955
  
$
9,503
  
$
7,025
  
$
5,969
  
                                               
Fixed charges:
                                              
Interest and debt expense including capitalized interest (b)
  
$
  
164
  
$
153
  
$
203
  
$
218
  
$
201
  
$
403
  
$
352
  
Portion of lease rentals representative of the interest factor
      
41
    
42
    
57
    
57
    
58
    
60
    
52
  
Total fixed charges
  
$
  
205
  
$
195
  
$
260
  
$
275
  
$
259
  
$
463
  
$
404
  
                                               
Ratio of earnings to fixed charges
      
31.85
    
22.71
    
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 nine months ended September 30, 2011 amount excludes a pre-tax charge of $163 million for the early redemption of debt.