EXHIBIT 12
EXXON MOBIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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1999 1998 1997 1996 1995
---- ---- ---- ---- ----
(millions of dollars)
Income before cumulative effect of
accounting changes............... $ 7,910 $ 8,144 $11,732 $10,474 $ 8,846
Excess/(shortfall) of dividends
over earnings of affiliates owned
less than 50 percent accounted
for by the equity method......... 300 164 (64) 186 (26)
Provision for income taxes(1)..... 3,632 4,390 8,140 8,201 6,572
Capitalized interest.............. (423) (400) (448) (467) (465)
Minority interests in earnings of
consolidated subsidiaries........ 139 261 523 500 392
------- ------- ------- ------- -------
11,558 12,559 19,883 18,894 15,319
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Fixed Charges:(1)
Interest expense--borrowings..... 826 769 811 944 1,096
Capitalized interest............. 606 564 595 598 580
Rental expense representative of
interest factor................. 617 795 818 819 780
Dividends on preferred stock..... 8 6 5 4 4
------- ------- ------- ------- -------
2,057 2,134 2,229 2,365 2,460
------- ------- ------- ------- -------
Total adjusted earnings available
for payment of fixed charges..... $13,615 $14,693 $22,112 $21,259 $17,779
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Number of times fixed charges are
earned........................... 6.6 6.9 9.9 9.0 7.2
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Note:
(1) The provision for income taxes and the fixed charges include Exxon Mobil
Corporation's share of 50 percent owned companies and majority owned
subsidiaries that are not consolidated.
1