Occidental Petroleum 2003 Annual Report Download - page 153

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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, 2003 2002 2001 2000 1999
================================================================= ======== ======== ======== ======== ========
Income from continuing operations $ 1,595 $ 1,163 $ 1,179 $ 1,557 $ 461
Add:
Minority interest (a) 62 77 143 185 58
Adjusted income from equity investments (b) 69 308 89 31 73
-------- -------- -------- -------- --------
1,726 1,548 1,411 1,773 592
-------- -------- -------- -------- --------
Add:
Provision (credit) for taxes on income (other than
foreign oil and gas taxes) 682 (41) 172 871 306
Interest and debt expense (c) 335 309 411 540 515
Portion of least rentals representative of the interest factor 8 6 7 6 31
-------- -------- -------- -------- --------
1,025 274 590 1,417 852
-------- -------- -------- -------- --------
Earnings before fixed charges $ 2,751 $ 1,822 $ 2,001 $ 3,190 $ 1,444
======== ======== ======== ======== ========
Fixed charges:
Interest and debt expense including capitalized interest (c) $ 341 $ 321 $ 417 $ 543 $ 522
Portion of lease rentals representative of the interest factor 8 6 7 6 31
-------- -------- -------- -------- --------
Total fixed charges $ 349 $ 327 $ 424 $ 549 $ 553
======== ======== ======== ======== ========
Ratio of earnings to fixed charges 7.88 5.57 4.72 5.81 2.61
================================================================= ======== ======== ======== ======== ========
(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
50-percent-owned equity investments.