Exhibit 12
THE COASTAL CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
<TABLE>
<CAPTION>
Six Months
Year Ended December 31, Ended June 30,
----------------------------------------------------- -------------------
1995 1996 1997 1998 1999 1999 2000
--------- --------- --------- --------- --------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
EARNINGS:
Pretax earnings from continuing
operations......................... $ 321.6 $ 657.2 $ 519.2 $ 635.2 $ 654.9 $ 298.0 $ 407.3
Fixed charges, excluding capitalized
interest - see below........... 429.1 399.2 348.4 348.8 397.5 195.5 239.0
-------- -------- -------- -------- -------- -------- --------
Earnings........................... $ 750.7 $1,056.4 $ 867.6 $ 984.0 $1,052.4 $ 493.5 $ 646.3
======== ======== ======== ======== ======== ======== ========
FIXED CHARGES:
Interest expense................... $ 403.0 $ 368.3 $ 307.5 $ 294.9 $ 323.3 $ 158.5 $ 190.6
Interest factor, included in rentals 26.1 30.9 31.7 28.7 40.1 19.7 26.9
Dividends on preferred stock of
subsidiaries................... - - 9.2 25.2 34.1 17.3 21.5
-------- -------- -------- -------- -------- -------- --------
Fixed charges, excluding capitalized
interest....................... 429.1 399.2 348.4 348.8 397.5 195.5 239.0
Capitalized interest............... 5.9 8.0 15.5 26.9 41.3 15.8 26.6
-------- -------- -------- -------- -------- -------- --------
Fixed charges...................... $ 435.0 $ 407.2 $ 363.9 $ 375.7 $ 438.8 $ 211.3 $ 265.6
======== ======== ======== ======== ======== ======== ========
Ratio of Earnings to Fixed Charges.... 1.73x 2.59x 2.38x 2.62x 2.40x 2.34x 2.43x
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</TABLE>
