Occidental Petroleum 2009 Annual Report Download - page 104

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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, 2009 2008 2007 2006 2005
Income from continuing operations $2,978 $6,955 $5,153 $4,313 $4,912
Subtract:
Net income attributable to noncontrolling interest (51) (116) (75) (111) (74)
Adjusted income from equity investments (a) (88) (84) (28) (52) (53)
2,839 6,755 5,050 4,150 4,785
Add:
Provision for taxes on income (other than
foreign oil and gas taxes) 695
2,213 1,577 1,545 632
Interest and debt expense 140 133 344 297 305
Portion of lease rentals representative of the interest factor 57 58 60 52 47
892 2,404 1,981 1,894 984
Earnings before fixed charges $3,731 $9,159 $7,031 $6,044 $5,769
Fixed charges:
Interest and debt expense including capitalized interest $ 218 $201 $403 $ 352 $331
Portion of lease rentals representative of the interest factor 57 58 60 52 47
Total fixed charges $275 $259 $463 $404 $378
Ratio of earnings to fixed charges 13.57 35.36 15.19 14.96 15.26
(a) Represent adjustments to arrive at distributed income of equity investees.