Occidental Petroleum 2002 Annual Report Download - page 146

Download and view the complete annual report

Please find page 146 of the 2002 Occidental Petroleum annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 149

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149

EXHIBIT 12
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
FOR THE FIVE YEARS ENDED DECEMBER 31, 2002
(Amounts in millions, except ratios)
2002 2001 2000 1999 1998
============================================================ ========== ========== ========== ========== ==========
Income from continuing operations (a) $ 1,548 $ 1,418 $ 1,785 $ 699 $ 400
---------- ---------- ---------- ---------- ----------
Add:
Provision for taxes on income (other than
foreign oil and gas taxes) 428 172 871 306 204
Interest and debt expense (b) 309 411 540 515 576
Portion of lease rentals representative of the interest
Factor 6 7 6 31 36
---------- ---------- ---------- ---------- ----------
743 590 1,417 852 816
---------- ---------- ---------- ---------- ----------
Earnings before fixed charges $ 2,291 $ 2,008 $ 3,202 $ 1,551 $ 1,216
========== ========== ========== ========== ==========
Fixed charges
Interest and debt expense including capitalized
Interest (b) $ 321 $ 417 $ 543 $ 522 $ 594
Portion of lease rentals representative of the interest
factor 6 7 6 31 36
---------- ---------- ---------- ---------- ----------
Total fixed charges $ 327 $ 424 $ 549 $ 553 $ 630
========== ========== ========== ========== ==========
Ratio of earnings to fixed charges 7.00 4.74 5.83 2.80 1.93
============================================================ ========== ========== ========== ========== ==========
(a) Includes: 1) minority interest in net income of majority-owned subsidiaries
and partnerships having fixed charges, and 2) income from
less-than-50-percent-owned equity investments adjusted to reflect only
dividends received.
(b) Includes proportionate share of interest and debt expense of
50-percent-owned equity investments.