EXHIBIT 12 |
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
Six months ended June 30, | Year Ended December 31 | ||||||||||||||||||||||||||||
2018 | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||
Income from continuing operations | $ | 1,556 | $ | 624 | $ | 1,311 | $ | (1,002 | ) | $ | (8,146 | ) | $ | (130 | ) | $ | 4,932 | ||||||||||||
Add/(Subtract): | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | — | (14 | ) | — | |||||||||||||||||||||
Adjusted income from equity investments (a) | (7 | ) | (126 | ) | (60 | ) | 43 | 21 | 64 | 52 | |||||||||||||||||||
1,549 | 498 | 1,251 | (959 | ) | (8,125 | ) | (80 | ) | 4,984 | ||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||
Provision for taxes on income (other than foreign oil and gas taxes) | 207 | 31 | (776 | ) | (1,281 | ) | (2,070 | ) | (280 | ) | 1,353 | ||||||||||||||||||
Interest and debt expense | 194 | 167 | 345 | 292 | 147 | 77 | 132 | ||||||||||||||||||||||
Portion of lease rentals representative of the interest factor | 66 | 62 | 93 | 79 | 63 | 52 | 60 | ||||||||||||||||||||||
467 | 260 | (338 | ) | (910 | ) | (1,860 | ) | (151 | ) | 1,545 | |||||||||||||||||||
Earnings before fixed charges | $ | 2,016 | $ | 758 | $ | 913 | $ | (1,869 | ) | $ | (9,985 | ) | $ | (231 | ) | $ | 6,529 | ||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||
Interest and debt expense including capitalized interest | $ | 215 | $ | 195 | $ | 397 | $ | 356 | $ | 285 | $ | 257 | $ | 269 | |||||||||||||||
Portion of lease rentals representative of the interest factor | 66 | 62 | 93 | 79 | 63 | 52 | 60 | ||||||||||||||||||||||
Total fixed charges | $ | 281 | $ | 257 | $ | 490 | $ | 435 | $ | 348 | $ | 309 | $ | 329 | |||||||||||||||
Ratio of earnings to fixed charges | 7.17 | 2.95 | 1.86 | (4.30 | ) | (28.69 | ) | (0.75 | ) | 19.83 | |||||||||||||||||||
Insufficient coverage | — | — | — | (2,304 | ) | (10,333 | ) | (540 | ) | — |
Note: Results of California Resources Corporation have been reflected as discontinued operations for all periods presented. | ||
(a) | Represents adjustments to arrive at distributed income from equity investees. |