Occidental Petroleum 2011 Annual Report Download - page 112

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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, 2011 2010 2009 2008 2007
Income from continuing operations $6,640 $4,641 $3,202 $7,299 $5,147
Subtract:
Net income attributable to noncontrolling interest ― (72) (51) (116) (75)
Adjusted income from equity investments (a) (33) (60) (88) (84) (28)
6,607 4,509 3,063 7,099 5,044
Add:
Provision for taxes on income (other than
foreign oil and gas taxes) 1,795 1,099 695 2,213 1,577
Interest and debt expense (b) 135 116 140 133 344
Portion of lease rentals representative of the interest factor 67 57 57 58 60
1,997 1,272 892 2,404 1,981
Earnings before fixed charges $8,604 $5,781 $3,955 $9,503 $7,025
Fixed charges:
Interest and debt expense including capitalized interest (b) $221 $203 $218 $201 $403
Portion of lease rentals representative of the interest factor 67 57 57 58 60
Total fixed charges $288 $260 $275 $259 $463
Ratio of earnings to fixed charges 29.88 22.23 14.38 36.69 15.17
Note: Argentine operations have been reflected as discontinued operations for all periods.
(a) Represent adjustments to arrive at distributed inc ome of equity investees.
(b) The year ended December 31, 2011 amount excludes a pre-tax charge of $163 milion for the early redemption of debt.