EXHIBIT 12
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
|
|
|
Nine Months Ended |
|
Year Ended |
| |||||||||||||||||
|
|
|
September 30 |
|
December 31 |
| |||||||||||||||||
|
|
|
2007 |
|
2006 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
2002 |
| |||||||
|
Income from continuing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
operations |
|
$ |
3,630 |
|
$ |
3,332 |
|
$ |
4,202 |
|
$ |
4,838 |
|
$ |
2,197 |
|
$ |
1,410 |
|
$ |
1,131 |
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest(a) |
|
|
44 |
|
|
95 |
|
|
111 |
|
|
74 |
|
|
76 |
|
|
62 |
|
|
77 |
|
|
Adjusted income from equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
investments(b) |
|
|
(14 |
) |
|
(51 |
) |
|
(52 |
) |
|
(53 |
) |
|
(5 |
) |
|
72 |
|
|
308 |
|
|
|
|
|
3,660 |
|
|
3,376 |
|
|
4,261 |
|
|
4,859 |
|
|
2,268 |
|
|
1,544 |
|
|
1,516 |
|
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit) for taxes on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income (other than foreign oil |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and gas taxes) |
|
|
1,098 |
|
|
1,286 |
|
|
1,545 |
|
|
632 |
|
|
891 |
|
|
593 |
|
|
(74 |
) |
|
Interest and debt expense(c) |
|
|
297 |
|
|
207 |
|
|
292 |
|
|
300 |
|
|
266 |
|
|
335 |
|
|
310 |
|
|
Portion of lease rentals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
representative of the interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
factor |
|
|
25 |
|
|
30 |
|
|
52 |
|
|
47 |
|
|
40 |
|
|
8 |
|
|
6 |
|
|
|
|
|
1,420 |
|
|
1,523 |
|
|
1,889 |
|
|
979 |
|
|
1,197 |
|
|
936 |
|
|
242 |
|
|
Earnings before fixed charges |
|
$ |
5,080 |
|
$ |
4,899 |
|
$ |
6,150 |
|
$ |
5,838 |
|
$ |
3,465 |
|
$ |
2,480 |
|
$ |
1,758 |
|
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and debt expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
including capitalized |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest(c) |
|
$ |
343 |
|
$ |
245 |
|
$ |
347 |
|
$ |
326 |
|
$ |
281 |
|
$ |
341 |
|
$ |
321 |
|
|
Portion of lease rentals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
representative of the interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
factor |
|
|
25 |
|
|
30 |
|
|
52 |
|
|
47 |
|
|
40 |
|
|
8 |
|
|
6 |
|
|
Total fixed charges |
|
$ |
368 |
|
$ |
275 |
|
$ |
399 |
|
$ |
373 |
|
$ |
321 |
|
$ |
349 |
|
$ |
327 |
|
|
Ratio of earnings to fixed charges |
|
|
13.80 |
|
|
17.81 |
|
|
15.41 |
|
|
15.65 |
|
|
10.79 |
|
|
7.11 |
|
|
5.38 |
|
|
(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 nine months ended September 30, 2007 amount includes a pre-tax interest charge of $167 million for the redemption and partial repurchase of various debt issues. |