EXHIBIT 12
EXXON MOBIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Years Ended December 31, |
||||||||||||||||||||
| 2002 |
2001 |
2000 |
1999 |
1998 |
||||||||||||||||
| (millions of dollars) |
||||||||||||||||||||
| Income from continuing operations |
$ |
11,011 |
|
$ |
15,003 |
|
$ |
15,806 |
|
$ |
7,845 |
|
$ |
8,131 |
| |||||
| Excess/(shortfall) of dividends over earnings of affiliates owned less than 50 percent accounted for by the equity method |
|
(140 |
) |
|
(108 |
) |
|
(354 |
) |
|
300 |
|
|
164 |
| |||||
| Provision for income taxes(1) |
|
7,073 |
|
|
9,599 |
|
|
11,614 |
|
|
3,617 |
|
|
4,385 |
| |||||
| Capitalized interest |
|
(143 |
) |
|
(255 |
) |
|
(409 |
) |
|
(423 |
) |
|
(400 |
) | |||||
| Minority interests in earnings of consolidated subsidiaries |
|
206 |
|
|
556 |
|
|
346 |
|
|
139 |
|
|
261 |
| |||||
|
|
18,007 |
|
|
24,795 |
|
|
27,003 |
|
|
11,478 |
|
|
12,541 |
| ||||||
| Fixed Charges:(1) |
||||||||||||||||||||
| Interest expense—borrowings |
|
368 |
|
|
328 |
|
|
637 |
|
|
826 |
|
|
769 |
| |||||
| Capitalized interest |
|
442 |
|
|
529 |
|
|
653 |
|
|
606 |
|
|
564 |
| |||||
| Rental expense representative of interest factor |
|
587 |
|
|
621 |
|
|
551 |
|
|
617 |
|
|
795 |
| |||||
| Dividends on preferred stock |
|
5 |
|
|
8 |
|
|
12 |
|
|
8 |
|
|
6 |
| |||||
|
|
1,402 |
|
|
1,486 |
|
|
1,853 |
|
|
2,057 |
|
|
2,134 |
| ||||||
| Total adjusted earnings available for payment of fixed charges |
$ |
19,409 |
|
$ |
26,281 |
|
$ |
28,856 |
|
$ |
13,535 |
|
$ |
14,675 |
| |||||
| Number of times fixed charges are earned |
|
13.8 |
|
|
17.7 |
|
|
15.6 |
|
|
6.6 |
|
|
6.9 |
| |||||
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