Attached files
| file | filename |
|---|---|
| EX-31.2 - EXHIBIT 31.2 - OCCIDENTAL PETROLEUM CORP /DE/ | oxyexhibit31210q9302015.htm |
| EX-32.1 - EXHIBIT 32.1 - OCCIDENTAL PETROLEUM CORP /DE/ | oxyexhibit32110q9302015.htm |
| 10-Q - 10-Q - OCCIDENTAL PETROLEUM CORP /DE/ | oxyform10q93015.htm |
| EX-31.1 - EXHIBIT 31.1 - OCCIDENTAL PETROLEUM CORP /DE/ | oxyexhibit31110q9302015.htm |
EXHIBIT 12 | |
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
Nine Months Ended September 30 | Year Ended December 31 | |||||||||||||||||||||||||||
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||
Income from continuing operations (a) | $ | (2,641 | ) | $ | 3,296 | $ | (130 | ) | $ | 4,932 | $ | 3,829 | $ | 5,527 | $ | 3,851 | ||||||||||||
Add/(Subtract): | ||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | — | (8 | ) | (14 | ) | — | — | — | (72 | ) | ||||||||||||||||||
Adjusted income from equity investments (b) | (10 | ) | (44 | ) | 64 | 52 | 163 | (33 | ) | (60 | ) | |||||||||||||||||
(2,651 | ) | 3,244 | (80 | ) | 4,984 | 3,992 | 5,494 | 3,719 | ||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||
Provision for taxes on income (other than foreign oil and gas taxes) | (768 | ) | 911 | (280 | ) | 1,353 | 249 | 1,167 | 671 | |||||||||||||||||||
Interest and debt expense | 86 | 58 | 77 | 132 | 149 | 313 | (c) | 133 | ||||||||||||||||||||
Portion of lease rentals representative of the interest factor | 52 | 33 | 52 | 60 | 58 | 57 | 55 | |||||||||||||||||||||
(630 | ) | 1,002 | (151 | ) | 1,545 | 456 | 1,537 | 859 | ||||||||||||||||||||
Earnings before fixed charges | $ | (3,281 | ) | $ | 4,246 | $ | (231 | ) | $ | 6,529 | $ | 4,448 | $ | 7,031 | $ | 4,578 | ||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest and debt expense including capitalized interest | $ | 207 | $ | 194 | $ | 257 | $ | 269 | $ | 254 | (c) | $ | 384 | $ | 204 | |||||||||||||
Portion of lease rentals representative of the interest factor | 52 | 33 | 52 | 30 | 58 | 57 | 55 | |||||||||||||||||||||
Total fixed charges | $ | 259 | $ | 227 | $ | 309 | $ | 299 | $ | 312 | $ | 441 | $ | 259 | ||||||||||||||
Ratio of earnings to fixed charges | (12.65 | ) | 18.73 | (0.75 | ) | 19.83 | 14.26 | 15.93 | 17.65 | |||||||||||||||||||
Insufficient coverage | (3,540 | ) | (d) | (540 | ) | |||||||||||||||||||||||
Note: Results of California Resources Corporation have been reflected as discontinued operations for all periods presented. | ||
(a) | The 2015 amounts includes a $1.3 billion dollar after-tax charge for domestic asset impairments and other related items, a $1.5 billion dollar after-tax charge for foreign asset impairments and other related items, a $63 million dollar after-tax gain on sale of an idled chemical site, a $96 million dollar after-tax charge for cost associated with severance, the California Resources Corporation spin-off and other charges. | |
(b) | Represents adjustments to arrive at distributed income from equity investees. | |
(c) | Excludes a pre-tax charge of $163 million for the early redemption of debt. | |
(d) | The 2015 third quarter ratio of earnings to fixed charges excluding certain items (a) is (1.94) | |