EX-12 17 ex12-2011.htm EXHIBIT 12 ex12-2011.htm
EXHIBIT 12
  
   
   
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
  
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
  
(Amounts in millions, except ratios)
  



For the years ended December 31,
  
2011
  
2010
  
2009
  
2008
  
2007
  
Income from continuing operations
  
$
6,640
  
$
4,641
  
$
3,202
  
$
7,299
  
$
5,147
  
                                 
Subtract:
                                
Net income attributable to noncontrolling interest
    
―
    
(72
)
  
(51
)
  
(116
)
  
(75
)
Adjusted income from equity investments (a)
    
(33
)
  
(60
)
  
(88
)
  
(84
)
  
(28
)
     
6,607
    
4,509
    
3,063
    
7,099
    
5,044
  
Add:
                                
Provision for taxes on income (other than
                                
foreign oil and gas taxes)
    
1,795
    
1,099
    
695
    
2,213
    
1,577
  
Interest and debt expense (b)
    
135
    
116
    
140
    
133
    
344
  
Portion of lease rentals representative of the interest factor
    
67
    
57
    
57
    
58
    
60
  
     
1,997
    
1,272
    
892
    
2,404
    
1,981
  
Earnings before fixed charges
  
$
8,604
  
$
5,781
  
$
3,955
  
$
9,503
  
$
7,025
  
                                 
Fixed charges:
                                
Interest and debt expense including capitalized interest (b)
  
$
221
  
$
203
  
$
218
  
$
201
  
$
403
  
Portion of lease rentals representative of the interest factor
    
67
    
57
    
57
    
58
    
60
  
Total fixed charges
  
$
288
  
$
260
  
$
275
  
$
259
  
$
463
  
                                 
Ratio of earnings to fixed charges
    
29.88
    
22.23
    
14.38
    
36.69
    
15.17
  
Note:  Argentine operations have been reflected as discontinued operations for all periods.
(a)
Represent adjustments to arrive at distributed income of equity investees.
  
(b)
The year ended December 31, 2011 amount excludes a pre-tax charge of $163 milion for the early redemption of debt.