Exhibit 12
PHILLIPS PETROLEUM COMPANY AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars
------------------------
Nine Months Ended
September 30
------------------------
2000 1999
------------------------
(Unaudited)
Earnings Available for Fixed Charges
Income before income taxes $2,368 697
Distributions less than equity in
earnings of fifty-percent-or-less-
owned companies (120) (5)
Fixed charges, excluding capitalized
interest* 348 297
-----------------------------------------------------------------
$2,596 989
=================================================================
Fixed Charges
Interest and expense on indebtedness,
excluding capitalized interest $ 259 210
Capitalized interest 118 34
Preferred dividend requirements of
capital trusts 40 40
Interest portion of rental expense 36 34
-----------------------------------------------------------------
$ 453 318
=================================================================
Ratio of Earnings to Fixed Charges 5.7 3.1
-----------------------------------------------------------------
*Includes amortization of capitalized interest totaling
approximately $13 million in both 2000 and 1999.
Earnings available for fixed charges include, if any, the
company's equity in losses of companies owned fifty percent or
less that have debt for which the company is contingently liable.
Fixed charges include the company's proportionate share, if any,
of interest relating to the contingent debt.
In 1990, the company guaranteed a $400 million bank loan for the
Long-Term Stock Savings Plan (LTSSP), an employee benefit plan.
Consolidated interest expense included $3 million of interest
related to the LTSSP borrowing in the first nine months of 2000
and a minimal amount in the first nine months of 1999.
<PAGE>
