EX-12 5 oxyex1210k12312012.htm EXHIBIT Oxy Ex 12 10K 12.31.2012


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,
 
2012
 
2011
 
2010
 
2009
 
2008
Income from continuing operations
 
$
4,635

(a) 
$
6,640

 
$
4,641

 
$
3,202

 
$
7,299

Subtract:
 
 

 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interest
 
—

 
—

 
(72
)
 
(51
)
 
(116
)
Adjusted income from equity investments (b)
 
163

 
(33
)
 
(60
)
 
(88
)
 
(84
)
 
 
4,798

 
6,607

 
4,509

 
3,063

 
7,099

Add:
 
 
 
 
 
 
 
 
 
 
Provision for taxes on income (other than foreign oil and gas taxes)
 
708

 
1,795

 
1,099

 
695

 
2,213

Interest and debt expense
 
130

 
135

(c) 
116

 
140

 
133

Portion of lease rentals representative of the interest factor
 
59

 
60

 
57

 
57

 
58

 
 
897

 
1,990

 
1,272

 
892

 
2,404

Earnings before fixed charges
 
$
5,695

 
$
8,597

 
$
5,781

 
$
3,955

 
$
9,503

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest and debt expense including capitalized interest
 
$
254

 
$
221

(c) 
$
203

 
$
218

 
$
201

Portion of lease rentals representative of the interest factor
 
59

 
60

 
57

 
57

 
58

Total fixed charges
 
$
313

 
$
281

 
$
260

 
$
275

 
$
259

Ratio of earnings to fixed charges
 
18.19

 
30.59

 
22.23

 
14.38

 
36.69

Note:  Argentine operations have been reflected as discontinued operations for all periods.
(a)
Includes after-tax charges of $1.1 billion for the impairment of domestic gas assets and related items.
(b)
Represent adjustments to arrive at distributed income of equity investees.
(c)
Excludes a pre-tax charge of $163 million for the early redemption of debt.