EXHIBIT 12

 

EXXON MOBIL CORPORATION

 

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Years Ended December 31,
  
     2003
     2002
     2001
     2000
     1999
  
     (millions of dollars)  

Income from continuing operations

    $ 20,960     $ 11,011     $ 15,003     $ 15,806     $ 7,845  

Excess/(shortfall) of dividends over earnings of affiliates owned less than 50 percent accounted for by the equity method

      (205 )     (140 )     (108 )     (354 )     300  

Provision for income taxes(1)

      11,734       7,073       9,599       11,614       3,617  

Capitalized interest

      (180 )     (143 )     (255 )     (409 )     (423 )

Minority interests in earnings of consolidated subsidiaries

      692       206       556       346       139  
    
 
 
 
 
       33,001       18,007       24,795       27,003       11,478  
    
 
 
 
 

Fixed Charges:(1)

                                         

Interest expense—borrowings

      182       368       328       637       826  

Capitalized interest

      497       442       529       653       606  

Rental expense representative of interest factor

      424       587       621       551       617  

Dividends on preferred stock

      3       5       8       12       8  
    
 
 
 
 
       1,106       1,402       1,486       1,853       2,057  
    
 
 
 
 

Total adjusted earnings available for payment of fixed charges

    $ 34,107     $ 19,409     $ 26,281     $ 28,856     $ 13,535  
    
 
 
 
 

Number of times fixed charges are earned

      30.8       13.8       17.7       15.6       6.6  

 

 

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.