EXHIBIT 12 EXXON MOBIL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31, ------------------------------------------- 2001 2000 1999 1998 1997 ------- ------- ------- ------- ------- (millions of dollars) Income before extraordinary item and cumulative effect of accounting change......................... $15,105 $15,990 $ 7,910 $ 8,144 $11,732 Excess/(shortfall) of dividends over earnings of affiliates owned less than 50 percent accounted for by the equity method................................ (108) (354) 300 164 (64) Provision for income taxes(1)......................... 9,646 11,630 3,632 4,390 8,140 Capitalized interest.................................. (255) (409) (423) (400) (448) Minority interests in earnings of consolidated subsidiaries........................................ 556 346 139 261 523 ------- ------- ------- ------- ------- 24,944 27,203 11,558 12,559 19,883 ------- ------- ------- ------- ------- Fixed Charges:(1) Interest expense--borrowings......................... 328 637 826 769 811 Capitalized interest................................. 529 653 606 564 595 Rental expense representative of interest factor..... 621 551 617 795 818 Dividends on preferred stock......................... 8 12 8 6 5 ------- ------- ------- ------- ------- 1,486 1,853 2,057 2,134 2,229 ------- ------- ------- ------- ------- Total adjusted earnings available for payment of fixed charges............................................. $26,430 $29,056 $13,615 $14,693 $22,112 ======= ======= ======= ======= ======= Number of times fixed charges are earned.............. 17.8 15.7 6.6 6.9 9.9
- --------------------- 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