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Content analysis
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Exhibit 7
Computation of ratio of earnings to fixed charges (unaudited)
$ million, except ratios | ||||||||||||||||||||
For the year ended 31 December | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Profit (loss) before taxation(a)(b) | 18,809 | 38,834 | (4,825 | ) | 25,124 | 34,283 | ||||||||||||||
Group’s share of income in excess of dividends of equity-accounted entities | (2,209 | ) | (839 | ) | (1,480 | ) | (898 | ) | (93 | ) | ||||||||||
Capitalized interest, net of amortization | (233 | ) | (303 | ) | (42 | ) | 64 | 56 | ||||||||||||
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Profit (loss) as adjusted | 16,367 | 37,692 | (6,347 | ) | 24,290 | 34,246 | ||||||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expense | 842 | 788 | 701 | 718 | 1,157 | |||||||||||||||
Rental expense representative of interest | 1,734 | 1,654 | 1,987 | 1,370 | 1,231 | |||||||||||||||
Capitalized interest | 378 | 347 | 254 | 188 | 162 | |||||||||||||||
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2,954 | 2,789 | 2,942 | 2,276 | 2,550 | ||||||||||||||||
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Total adjusted earnings (deficit) available for payment of fixed charges | 19,321 | 40,481 | (3,405 | ) | 26,566 | 36,796 | ||||||||||||||
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Ratio of earnings to fixed charges | 6.5 | 14.5 | — | 11.7 | 14.4 | |||||||||||||||
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Deficiency(c) | (6,347 | ) | ||||||||||||||||||
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(a) | 2012 includes $709 million of dividends received from TNK-BP. |
(b) | 2012 includes a pre tax charge of $5,014 million (2011 $3,742 pre-tax credit and 2010 $40,935 million pre-tax charge) related to the Gulf of Mexico oil spill. |
(c) | Adjusted earnings are inadequate to cover fixed charges. |