Occidental Petroleum 2010 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, 2010 2009 2008 2007 2006
Income from continuing operations $ 4,641 $3,202 $7,299 $5,147 $4,238
Subtract:
Net income attributable to noncontrolling interest (72) (51) (116) (75) (111)
Adjusted income from equity investments (a) (60) (88) (84) (28) (52)
4,509
3,063
7,099
5,044
4,075
Add:
Provision for taxes on income (other than
foreign oil and gas taxes) 1,099 695
2,213 1,577 1,545
Interest and debt expense 116 140 133 344 297
Portion of lease rentals representative of the interest factor 57 57 58 60 52
1,272 892 2,404 1,981 1,894
Earnings before fixed charges
$5,781
$3,955
$9,503
$7,025
$5,969
Fixed charges:
Interest and debt expense including capitalized interest $203 $ 218 $201 $403 $ 352
Portion of lease rentals representative of the interest factor 57 57 58 60 52
Total fixed charges
$ 260
$275
$259
$463
$404
Ratio of earnings to fixed charges 22.23 14.38 36.69 15.17 14.77
Note: Argentine operations have been reflected as held for sale for all periods.
(a) Represent adjustments to arrive at distributed income of equity investees.