EXHIBIT 12 EXXON CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (MILLIONS OF DOLLARS)
YEAR ENDED DECEMBER 31, ---------------------------------------- 1993 1992 1991 1990 1989 ------ ------ ------- ------- ------ Income before cumulative effect of accounting changes............................. $5,280 $4,810 $ 5,600 $ 5,010 $2,975 Excess/(shortfall) of dividends over earnings of affiliates owned less than 50% accounted for by the equity method.............................. (24) (28) (75) 16 (68) Provision for income taxes(1)........ 3,113 2,811 3,304 3,482 2,239 Capitalized interest................. (291) (287) (256) (134) (43) Dividends on preferred stock......... -- -- -- -- (34) Minority interests in earnings of consolidated subsidiaries........... 246 229 150 250 261 ------ ------ ------- ------- ------ 8,324 7,535 8,723 8,624 5,330 ------ ------ ------- ------- ------ Fixed Charges:(1) Interest expense--borrowings........ 533 580 711 1,139 1,287 Capitalized interest................ 374 364 331 210 113 Rental expense representative of in- terest factor...................... 387 382 391 355 317 Dividends on preferred stock........ 7 29 27 36 94 ------ ------ ------- ------- ------ 1,301 1,355 1,460 1,740 1,811 ------ ------ ------- ------- ------ Total adjusted earnings available for payment of fixed charges............ $9,625 $8,890 $10,183 $10,364 $7,141 ====== ====== ======= ======= ====== Number of times fixed charges are earned.............................. 7.4 6.6 7.0 6.0 3.9
- --------------------- Note: (1) The provision for income taxes and the fixed charges include Exxon Corporation's share of non-consolidated companies 50% owned. 1