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 |
| |||||||||||||||||
|
|
|
|
2007 |
|
|
2006 |
|
|
2006 |
|
|
2005 |
|
|
2004 |
|
|
2003 |
|
|
2002 |
|
|
Income
from continuing
|
|
$ |
1,212 |
|
$ |
1,153 |
|
$ |
4,444 |
|
$ |
5,052 |
|
$ |
2,412 |
|
$ |
1,569 |
|
$ |
1,171 |
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest(a) |
|
|
7 |
|
|
37 |
|
|
111 |
|
|
74 |
|
|
76 |
|
|
62 |
|
|
77 |
|
|
Adjusted income from equity investments(b) |
|
|
3 |
|
|
(27 |
) |
|
(35 |
) |
|
(50 |
) |
|
(6 |
) |
|
69 |
|
|
308 |
|
|
|
|
|
1,222 |
|
|
1,163 |
|
|
4,520 |
|
|
5,076 |
|
|
2,482 |
|
|
1,700 |
|
|
1,556 |
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
(credit) for taxes on
|
|
|
291 |
|
|
471 |
|
|
1,637 |
|
|
711 |
|
|
980 |
|
|
664 |
|
|
(47 |
) |
|
Interest and debt expense(c) |
|
|
217 |
|
|
70 |
|
|
292 |
|
|
300 |
|
|
266 |
|
|
335 |
|
|
310 |
|
|
Portion
of lease rentals
|
|
|
8 |
|
|
12 |
|
|
52 |
|
|
47 |
|
|
40 |
|
|
8 |
|
|
6 |
|
|
|
|
|
516 |
|
|
553 |
|
|
1,981 |
|
|
1,058 |
|
|
1,286 |
|
|
1,007 |
|
|
269 |
|
|
Earnings before fixed charges |
|
$ |
1,738 |
|
$ |
1,716 |
|
$ |
6,501 |
|
$ |
6,134 |
|
$ |
3,768 |
|
$ |
2,707 |
|
$ |
1,825 |
|
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
and debt expense
|
|
$ |
235 |
|
$ |
80 |
|
$ |
347 |
|
$ |
326 |
|
$ |
281 |
|
$ |
341 |
|
$ |
321 |
|
|
Portion
of lease rentals
|
|
|
8 |
|
|
12 |
|
|
52 |
|
|
47 |
|
|
40 |
|
|
8 |
|
|
6 |
|
|
Total fixed charges |
|
$ |
243 |
|
$ |
92 |
|
$ |
399 |
|
$ |
373 |
|
$ |
321 |
|
$ |
349 |
|
$ |
327 |
|
|
Ratio of earnings to fixed charges |
|
|
7.15 |
|
|
18.65 |
|
|
16.29 |
|
|
16.45 |
|
|
11.74 |
|
|
7.76 |
|
|
5.58 |
|
|
(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. The first quarter of 2007 amount includes a pre-tax interest charge of $172 million for the repurchase of a portion of various debt issues totaling $659 million in principal amount in a cash tender offer. |