EXHIBIT 12 EXXON CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (MILLIONS OF DOLLARS)
YEAR ENDED DECEMBER 31, ---------------------------------------- 1994 1993 1992 1991 1990 ------ ------ ------ ------- ------- Income before cumulative effect of accounting changes.................. $5,100 $5,280 $4,810 $ 5,600 $ 5,010 Excess/(shortfall) of dividends over earnings of affiliates owned less than 50% accounted for by the equity method.............................. (20) (24) (28) (75) 16 Provision for income taxes(1)........ 3,025 3,113 2,811 3,304 3,482 Capitalized interest................. (306) (291) (287) (256) (134) Minority interests in earnings of consolidated subsidiaries........... 231 246 229 150 250 ------ ------ ------ ------- ------- 8,030 8,324 7,535 8,723 8,624 ------ ------ ------ ------- ------- Fixed Charges:(1) Interest expense--borrowings........ 530 533 580 711 1,139 Capitalized interest................ 405 374 364 331 210 Rental expense representative of in- terest factor...................... 401 387 382 391 355 Dividends on preferred stock........ 3 7 29 27 36 ------ ------ ------ ------- ------- 1,339 1,301 1,355 1,460 1,740 ------ ------ ------ ------- ------- Total adjusted earnings available for payment of fixed charges............ $9,369 $9,625 $8,890 $10,183 $10,364 ====== ====== ====== ======= ======= Number of times fixed charges are earned.............................. 7.0 7.4 6.6 7.0 6.0
- --------------------- Note: (1) The provision for income taxes and the fixed charges include Exxon Corporation's share of non-consolidated companies 50% owned. 1