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EXHIBIT 12
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ANADARKO PETROLEUM CORPORATION
CONSOLIDATED STATEMENT OF COMPUTATION OF RATIOS OF
EARNINGS TO FIXED CHARGES AND EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Nine Months Ended September 30, 2000 and Five Years Ended December 31, 1999
Nine Months
Ended
September 30 Years Ended December 31
millions 2000 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Gross Income $716.0 $178.9 $ (7.4) $205.3 $196.8 $65.6
Rentals 10.6 11.1 12.5 8.3 4.2 2.5
Earnings 726.6 190.0 5.1 213.6 201.0 68.1
Gross Interest Expense 120.8 96.1 82.4 62.0 56.0 52.5
Rentals 10.6 11.1 12.5 8.3 4.2 2.5
Fixed Charges $131.4 $107.2 $ 94.9 $ 70.3 $ 60.2 $55.0
Preferred Stock
Dividends 12.8 17.1 10.9 -- -- --
Combined Fixed Charges
and Preferred Stock
Dividends $144.2 $124.3 $105.8 $ 70.3 $ 60.2 $55.0
Ratio of Earnings to
Fixed Charges 5.53 1.77 0.05 3.04 3.34 1.24
Ratio of Earnings to
Combined Fixed Charges
and Preferred Stock
Dividends 5.04 1.53 0.05 3.04 3.34 1.24
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As a result of the Company's net loss in 1998, Anadarko's earnings did not
cover fixed charges by $90 million and did not cover combined fixed charges
and preferred stock dividends by $101 million.
These ratios were computed by dividing earnings by either fixed charges or
combined fixed charges and preferred stock dividends. For this purpose,
earnings include income before income taxes and fixed charges. Fixed
charges include interest and amortization of debt expenses and the
estimated interest component of rentals. Preferred stock dividends are
adjusted to reflect the amount of pretax earnings required for payment.
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