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EXHIBIT 12
ANADARKO PETROLEUM CORPORATION
CONSOLIDATED STATEMENT OF COMPUTATION OF RATIOS OF
EARNINGS TO FIXED CHARGES AND EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Six Months Ended June 30, 2000 and Five Years Ended December 31, 1999
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<CAPTION>
Six Months
Ended
June 30 Years Ended December 31
thousands 2000 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Gross Income $260,530 $178,941 $ (7,388) $205,318 $196,763 $65,624
Rentals 6,059 11,120 12,477 8,266 4,234 2,457
Earnings 266,589 190,061 5,089 213,584 200,997 68,081
Gross Interest Expense 51,708 96,116 82,415 62,095 55,986 52,557
Rentals 6,059 11,120 12,477 8,266 4,234 2,457
Fixed Charges $ 57,767 $107,236 $ 94,892 $ 70,361 $ 60,220 $55,014
Preferred Stock
Dividends 8,531 17,063 10,951 -- -- --
Combined Fixed Charges
and Preferred Stock
Dividends $ 66,298 $124,299 $105,843 $ 70,361 $ 60,220 $55,014
Ratio of Earnings to
Fixed Charges 4.61 1.77 0.05 3.04 3.34 1.24
Ratio of Earnings to
Combined Fixed Charges
and Preferred Stock
Dividends 4.02 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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