EX-12 3 oxyexhibit1210q33117.htm EXHIBIT 12 Exhibit


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 March 31,
 
Year Ended
December 31
 
 
 
 
2017

 
2016

 
2016

 
2015

 
2014

 
2013

 
2012

 
Income from continuing operations
 
$
117

 
$
(360
)
(a) 
$
(1,002
)
 
$
(8,146
)
 
$
(130
)
 
$
4,932

 
$
3,829

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add/(Subtract):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interest
 
—

 
—

 
—

 
—

 
(14
)
 
—

 
—

 
Adjusted income from equity investments (b)
 
9

 
13

 
43

 
21

 
64

 
52

 
163

 
 
 
126

 
(347
)
 
(959
)

(8,125
)
 
(80
)
 
4,984

 
3,992

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for taxes on income (other than foreign oil and gas taxes)
 
(90
)
 
(270
)
 
(1,281
)
 
(2,070
)
 
(280
)
 
1,353

 
249

 
Interest and debt expense
 
81

 
60

 
292

 
147

 
77

 
132

 
149

 
Portion of lease rentals representative of the interest factor
 
31

 
14

 
79

 
63

 
52

 
60

 
58

 
 
 
22

 
(196
)
 
(910
)

(1,860
)
 
(151
)
 
1,545

 
456

 
Earnings before fixed charges
 
$
148

 
$
(543
)
 
$
(1,869
)

$
(9,985
)
 
$
(231
)
 
$
6,529

 
$
4,448

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense including capitalized interest
 
$
98

 
$
74

 
$
356

 
$
285

 
$
257

 
$
269

 
$
254

 
Portion of lease rentals representative of the interest factor
 
31

 
14

 
79

 
63

 
52

 
60

 
58

 
Total fixed charges
 
$
129

 
$
88

 
$
435


$
348

 
$
309

 
$
329

 
$
312

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
1.15

 
(7.29
)
 
(4.30
)
 
(28.69
)
 
(0.75
)
 
19.83

 
14.26

 
Insufficient coverage
 
—


(631
)
(c) 
(2,304
)

(10,333
)

(540
)
 
 
 
 
 
Note: Results of California Resources Corporation have been reflected as discontinued operations for all periods presented.
 
(a)
The 2016 first quarter amount includes a $78 million dollar after-tax impairment charge related to the special stock dividend of California Resources shares.
 
(b)
Represents adjustments to arrive at distributed income from equity investees.
 
(c)
The 2016 first quarter ratio of earnings to fixed charges excluding certain items (a) was (6.24).