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, |
2006 |
2005 |
2004 |
2003 |
2002 |
|||||||||||
|
Income from continuing operations |
$ |
4,435 |
$ |
5,040 |
$ |
2,406 |
$ |
1,559 |
$ |
1,167 |
||||||
|
Add: |
||||||||||||||||
|
Minority interest (a) |
111 |
73 |
75 |
62 |
77 |
|||||||||||
|
Adjusted income from equity investments (b) |
(35 |
) |
(50 |
) |
(6 |
) |
69 |
308 |
||||||||
|
4,511 |
5,063 |
2,475 |
1,690 |
1,552 |
||||||||||||
|
Add: |
||||||||||||||||
|
Provision (credit) for taxes on income (other than foreign oil and gas taxes) |
1,632 |
705 |
976 |
658 |
(49 |
) | ||||||||||
|
Interest and debt expense (c) |
292 |
300 |
266 |
335 |
310 |
|||||||||||
|
Portion of lease rentals representative of the interest factor |
52 |
47 |
40 |
8 |
6 |
|||||||||||
|
1,976 |
1,052 |
1,282 |
1,001 |
267 |
||||||||||||
|
Earnings before fixed charges |
$ |
6,487 |
$ |
6,115 |
$ |
3,757 |
$ |
2,691 |
$ |
1,819 |
||||||
|
Fixed charges: |
||||||||||||||||
|
Interest and debt expense including capitalized interest (c) |
$ |
347 |
$ |
326 |
$ |
281 |
$ |
341 |
$ |
321 |
||||||
|
Portion of lease rentals representative of the interest factor |
52 |
47 |
40 |
8 |
6 |
|||||||||||
|
Total fixed charges |
$ |
399 |
$ |
373 |
$ |
321 |
$ |
349 |
$ |
327 |
||||||
|
Ratio of earnings to fixed charges |
16.26 |
16.39 |
11.70 |
7.71 |
5.56 |
|||||||||||
|
(a) |
Represents minority interests in net income of majority-owned subsidiaries and partnerships having fixed charges. |
|
(b) |
Represents income from less-than-50-percent-owned equity investments adjusted to reflect only dividends received. |
|
(c) |
Includes proportionate share of interest and debt expense of less-than-50-percent-owned equity investments. |