EX-12 3 psx-2016630_ex12.htm EXHIBIT 12
Exhibit 12
PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges

| Millions of Dollars
| Six Months Ended June 30 |  |  | Years Ended December 31
| 2016 |  |  | 2015 |  | 2014 |  | 2013 |  | 2012 |  | 2011
Earnings Available for Fixed Charges |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges | $ | 1,311 |  |  | 6,035 |  |  | 5,711 |  |  | 5,509 |  |  | 6,624 |  |  | 6,619 |
Distributions less than equity in earnings of affiliates | (515 | ) |  | 185 |  |  | 197 |  |  | (354 | ) |  | (872 | ) |  | (951 | )
Fixed charges, excluding capitalized interest* | 244 |  |  | 456 |  |  | 397 |  |  | 365 |  |  | 376 |  |  | 142 |
| $ | 1,040 |  |  | 6,676 |  |  | 6,305 |  |  | 5,520 |  |  | 6,128 |  |  | 5,810 |
Fixed Charges |  |  |  |  |  |  |  |  |  |  |
Interest and expense on indebtedness, excluding capitalized interest | $ | 169 |  |  | 310 |  |  | 267 |  |  | 275 |  |  | 246 |  |  | 17 |
Capitalized interest | 40 |  |  | 106 |  |  | 20 |  |  | — |  |  | — |  |  | — |
Interest portion of rental expense | 70 |  |  | 140 |  |  | 125 |  |  | 83 |  |  | 121 |  |  | 116 |
| $ | 279 |  |  | 556 |  |  | 412 |  |  | 358 |  |  | 367 |  |  | 133 |
Ratio of Earnings to Fixed Charges | 3.7 |  |  | 12.0 |  |  | 15.3 |  |  | 15.4 |  |  | 16.7 |  |  | 43.7 |

* Includes amortization of capitalized interest totaling approximately $5 million for the six months ended June 30, 2016. Amortization of capitalized interest for the years ended December 31, totaled approximately $7 million in 2015, $6 million in 2014, $7 million in 2013, $9 million in 2012, and $9 million in 2011.