Attached files
| file | filename |
|---|---|
| EX-32.1 - EXHIBIT 32.1 - OCCIDENTAL PETROLEUM CORP /DE/ | oxyexhibit32110q93017.htm |
| EX-31.2 - EXHIBIT 31.2 - OCCIDENTAL PETROLEUM CORP /DE/ | oxyexhibit31210q93017.htm |
| EX-31.1 - EXHIBIT 31.1 - OCCIDENTAL PETROLEUM CORP /DE/ | oxyexhibit31110q93017.htm |
| 10-Q - 10-Q - OCCIDENTAL PETROLEUM CORP /DE/ | oxyform10q93017.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 | ||||||||||||||||||||||||||||
2017 | 2016 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Income from continuing operations | $ | 814 | $ | (734 | ) | (a) | $ | (1,002 | ) | $ | (8,146 | ) | $ | (130 | ) | $ | 4,932 | $ | 3,829 | ||||||||||
Add/(Subtract): | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | (14 | ) | — | — | |||||||||||||||||||||
Adjusted income from equity investments (b) | (68 | ) | 3 | 43 | 21 | 64 | 52 | 163 | |||||||||||||||||||||
746 | (731 | ) | (959 | ) | (8,125 | ) | (80 | ) | 4,984 | 3,992 | |||||||||||||||||||
Add: | |||||||||||||||||||||||||||||
Provision for taxes on income (other than foreign oil and gas taxes) | (47 | ) | (648 | ) | (1,281 | ) | (2,070 | ) | (280 | ) | 1,353 | 249 | |||||||||||||||||
Interest and debt expense | 258 | 263 | 292 | 147 | 77 | 132 | 149 | ||||||||||||||||||||||
Portion of lease rentals representative of the interest factor | 94 | 47 | 79 | 63 | 52 | 60 | 58 | ||||||||||||||||||||||
305 | (338 | ) | (910 | ) | (1,860 | ) | (151 | ) | 1,545 | 456 | |||||||||||||||||||
Earnings before fixed charges | $ | 1,051 | $ | (1,069 | ) | $ | (1,869 | ) | $ | (9,985 | ) | $ | (231 | ) | $ | 6,529 | $ | 4,448 | |||||||||||
Fixed charges: | |||||||||||||||||||||||||||||
Interest and debt expense including capitalized interest | $ | 298 | $ | 263 | $ | 356 | $ | 285 | $ | 257 | $ | 269 | $ | 254 | |||||||||||||||
Portion of lease rentals representative of the interest factor | 94 | 47 | 79 | 63 | 52 | 60 | 58 | ||||||||||||||||||||||
Total fixed charges | $ | 392 | $ | 310 | $ | 435 | $ | 348 | $ | 309 | $ | 329 | $ | 312 | |||||||||||||||
Ratio of earnings to fixed charges | 2.68 | (3.45 | ) | (4.30 | ) | (28.69 | ) | (0.75 | ) | 19.83 | 14.26 | ||||||||||||||||||
Insufficient coverage | (1,379 | ) | (c) | (2,304 | ) | (10,333 | ) | (540 | ) | ||||||||||||||||||||
Note: Results of California Resources Corporation have been reflected as discontinued operations for all periods presented. | ||
(a) | The 2016 amount includes a $78 million dollar after-tax impairment charge related to the special stock dividend of California Resources shares in the first quarter, a $103 million dollar after-tax charge related to terminated crude oil supply agreements, and a $61 million dollar impairment charge related to the sell of Occidental's Libya operations. 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) | The 2016 third quarter ratio of earnings to fixed charges excluding certain items (a) was (2.67). | |