EXHIBIT 12 EXXON MOBIL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31, ------------------------------------------- 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 ------- ------- ------- ------- ------- 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 ======= ======= ======= ======= ======= Number of times fixed charges are earned........................... 6.6 6.9 9.9 9.0 7.2
- - - - - - - - - - - - - - - - --------------------- 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