EXHIBIT 12
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COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
OF TEXACO ON A TOTAL ENTERPRISE BASIS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2000 AND
FOR EACH OF THE FIVE YEARS ENDED DECEMBER 31, 1999
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(Millions of dollars)
For the Six Years Ended December 31,
Months Ended -----------------------------------------
June 30, 2000 1999 1998 1997 1996 1995
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Income from continuing operations, before provision or
benefit for income taxes and cumulative effect of
accounting changes effective 1-1-98 and 1-1-95.......... $2,072 $1,955 $ 892 $3,514 $3,450 $1,201
Dividends from less than 50% owned companies
more or (less) than equity in net income................ 145 189 -- (11) (4) 1
Minority interest in net income............................ 57 83 56 68 72 54
Previously capitalized interest charged to
income during the period................................ 8 14 22 25 27 33
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Total earnings..................................... 2,282 2,241 970 3,596 3,545 1,289
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Fixed charges
Items charged to income
Interest charges...................................... 282 587 664 528 551 614
Interest factor attributable to operating
lease rentals.................................... 44 90 120 112 129 110
Preferred stock dividends of subsidiaries
guaranteed by Texaco Inc......................... 53 55 33 33 35 36
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Total items charged to income...................... 379 732 817 673 715 760
Interest capitalized.................................... 35 28 26 27 16 28
Interest on ESOP debt guaranteed by Texaco Inc.......... -- -- 3 7 10 14
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Total fixed charges................................ 414 760 846 707 741 802
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Earnings available for payment of fixed charges............ $2,661 $2,973 $1,787 $4,269 $4,260 $2,049
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(Total earnings + Total items charged to income)
Ratio of earnings to fixed charges of Texaco
on a total enterprise basis............................. 6.43 3.91 2.11 6.04 5.75 2.55
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