EXHIBIT 12 EXXON CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (MILLIONS OF DOLLARS)
YEAR ENDED DECEMBER 31, ---------------------------------------- 1996 1995 1994 1993 1992 ------- ------- ------ ------ ------ Income before cumulative effect of accounting changes.................. $ 7,510 $ 6,470 $5,100 $5,280 $4,810 Excess/(shortfall) of dividends over earnings of affiliates owned less than 50% accounted for by the equity method.............................. 33 25 (20) (24) (28) Provision for income taxes(1)........ 4,893 4,428 3,025 3,113 2,811 Capitalized interest................. (389) (418) (306) (291) (287) Minority interests in earnings of consolidated subsidiaries........... 382 299 231 246 229 ------- ------- ------ ------ ------ 12,429 10,804 8,030 8,324 7,535 ------- ------- ------ ------ ------ Fixed Charges:(1) Interest expense--borrowings........ 359 478 530 533 580 Capitalized interest................ 520 533 405 374 364 Rental expense representative of interest factor.................... 447 416 401 387 382 Dividends on preferred stock........ 3 3 3 7 29 ------- ------- ------ ------ ------ 1,329 1,430 1,339 1,301 1,355 ------- ------- ------ ------ ------ Total adjusted earnings available for payment of fixed charges............ $13,758 $12,234 $9,369 $9,625 $8,890 ======= ======= ====== ====== ====== Number of times fixed charges are earned.............................. 10.4 8.6 7.0 7.4 6.6
- - --------------------- Note: (1) The provision for income taxes and the fixed charges include Exxon Corporation's share of non-consolidated companies 50% owned. 1