Exhibit 12
PHILLIPS PETROLEUM COMPANY AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars
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Six Months Ended June 30
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2000 1999
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(Unaudited)
Earnings Available for Fixed Charges
Income before income taxes $1,430 283
Distributions less than equity in
earnings of fifty-percent-or-less-
owned companies (53) (5)
Fixed charges, excluding capitalized
interest* 219 198
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$1,596 476
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Fixed Charges
Interest and expense on indebtedness,
excluding capitalized interest $ 160 140
Capitalized interest 57 21
Preferred dividend requirements of
capital trusts 26 26
Interest portion of rental expense 24 23
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$ 267 210
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Ratio of Earnings to Fixed Charges 6.0 2.3
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*Includes amortization of capitalized interest totaling
approximately $9 million in both 1999 and 1998.
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 a minimal amount of
interest related to the LTSSP borrowing in both the first six
months of 2000 and 1999.
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