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EXHIBIT
12 |
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|
KERR-McGEE
CORPORATION AND SUBSIDIARY COMPANIES |
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COMPUTATION
OF RATIO OF EARNINGS TO FIXED CHARGES |
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|
(Millions
of dollars) |
2004 |
2003 |
2002 |
2001 |
2000 |
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Income
(loss) from continuing operations |
$ |
415 |
$ |
264 |
$ |
(590 |
) |
$ |
480 |
$ |
812 |
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Add
- |
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Provision
(benefit) for income taxes |
256
|
195
|
(35 |
) |
277
|
434
|
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Loss
(gain) from equity affiliates |
26
|
-
|
-
|
-
|
-
|
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Fixed
charges |
286
|
283
|
303
|
239
|
224
|
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Distributed
income from equity affiliates |
10
|
-
|
-
|
-
|
-
|
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Deduct
- |
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|
Interest
capitalized |
(13 |
) |
(10 |
) |
(8 |
) |
(31 |
) |
(5 |
) | ||||||
|
Earnings
(loss) |
$ |
980 |
$ |
732 |
$ |
(330 |
) |
$ |
965 |
$ |
1,465 |
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Fixed
Charges - |
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Interest
expense |
$ |
245 |
$ |
251 |
$ |
275 |
$ |
195 |
$ |
208 |
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Rental
expense represenative of interest factor |
28
|
22
|
20
|
13
|
11
|
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|
Interest
capitalized |
13
|
10
|
8
|
31
|
5
|
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|
Total
fixed charges |
$ |
286 |
$ |
283 |
$ |
303 |
$ |
239 |
$ |
224 |
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|
Ratio
of earnings to fixed charges |
3.4
|
2.6
|
-
|
(1) |
4.0
|
6.5
|
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