EXHIBIT 12.1



UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES



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|----------------------------------------------------------------------- |  | ------------------------ | ----- | ---- | - | ---- |  | ---- | ----- |  | ---- | ----- | - |  | - | --- | -
|                                                                        |  | Years ended December 31, |      
|Millions of dollars                                                     |  | 2003                     |       | 2002 |   | 2001 |  | 2000 |       |  | 1999 |      
|Earnings from continuing operations                                     |  | $                        | 710   |      | $ | 330  |  | $    | 599   |  | $    | 723   |   |  | $ | 113 |  
|Provision for income taxes                                              |  |                          | 522   |      |   | 280  |  |      | 452   |  |      | 497   |   |  |   | 121 |  
|Minority interests                                                      |  |                          | 9     |      |   | 6    |  |      | 41    |  |      | 16    |   |  |   | 16  |  
|Distributions (less than) greater than earnings from equity investments |  |                          | 39    |      |   | 6    |  |      | 69    |  |      | (57   | ) |  |   | (4  | )
|                                                                        |  |                          |       |      |   |      |  |      |       |  |      |       |   |  |   |     |  
|Earnings subtotal(a)                                                    |  |                          | 1,280 |      |   | 622  |  |      | 1,161 |  |      | 1,179 |   |  |   | 246 |  
|                                                                        |  |                          |       |      |  
|Fixed charges included in earnings:                                     |  |                          |       |      |   |      |  |      |       |  |      |       |   |  |   |     |  
|Interest expense                                                        |  |                          | 190   |      |   | 179  |  |      | 192   |  |      | 210   |   |  |   | 199 |  
|Distribution on convertible preferred securities                        |  |                          | 33    |      |   | 33   |  |      | 33    |  |      | 33    |   |  |   | 33  |  
|Interest portion of rentals(b)                                          |  |                          | 24    |      |   | 23   |  |      | 19    |  |      | 20    |   |  |   | 22  |  
|                                                                        |  |                          |       |      |   |      |  |      |       |  |      |       |   |  |   |     |  
|Fixed charges subtotal                                                  |  |                          | 247   |      |   | 235  |  |      | 244   |  |      | 263   |   |  |   | 254 |  
|                                                                        |  |                          |       |      |  
|Earnings from continuing operations available before fixed charges      |  | $                        | 1,527 |      | $ | 857  |  | $    | 1,405 |  | $    | 1,442 |   |  | $ | 500 |  
|                                                                        |  |                          |       |      |   |      |  |      |       |  |      |       |   |  |   |     |  
|Fixed charges:                                                          |  |                          |       |      |   |      |  |      |       |  |      |       |   |  |   |     |  
|Fixed charges included in earnings                                      |  |                          | 247   |      |   | 235  |  |      | 244   |  |      | 263   |   |  |   | 254 |  
|Capitalized interest                                                    |  |                          | 60    |      |   | 46   |  |      | 27    |  |      | 13    |   |  |   | 16  |  
|                                                                        |  |                          |       |      |   |      |  |      |       |  |      |       |   |  |   |     |  
|Total fixed charges                                                     |  | $                        | 307   |      | $ | 281  |  | $    | 271   |  | $    | 276   |   |  | $ | 270 |  
|                                                                        |  |                          |       |      |   |      |  |      |       |  |      |       |   |  |   |     |  
|Ratio of earnings from continuing operations to fixed charges           |  |                          | 5.0   |      |   | 3.0  |  |      | 5.2   |  |      | 5.2   |   |  |   | 1.9 |  
|                                                                        |  |                          |       |      |   |      |  |      |       |  |      |       |   |  |   |     |  
|                                                                        |  |                          |       |      |  
|(a)Includes pre-tax impairment of :                                     |  |                          | 93    |      |   | 47   |  |      | 137   |  |      | 66    |   |  |   | 23  |  
|                                                                        |  |                          |       |      |  
|The ratio of earnings, excluding impairment, to fixed charges would be: |  |                          | 5.3   |      |   | 3.2  |  |      | 5.7   |  |      | 5.5   |   |  |   | 1.9 |  
|                                                                        |  |                          |       |      |  
|(b)Calculated as one-third of operating rental expense.                 |  |                          |       |      |   |      |  |      |       |  |      |       |   |  |   |     |