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                                                     |  | 2004                     |       |   | 2003 |   | 2002  |  | 2001 |     | 2000 |  
|Earnings from continuing operations                                     |  | $                        | 1,145 |   |      | $ | 698   |  | $    | 323 |      | $ | 591   |  | $ | 722   |  
|Provision for income taxes                                              |  |                          | 673   |   |      |   | 514   |  |      | 277 |      |   | 448   |  |   | 496   |  
|Minority interests                                                      |  |                          | 11    |   |      |   | 9     |  |      | 6   |      |   | 41    |  |   | 16    |  
|Distributions greater (less) than earnings from equity investments      |  |                          | (16   | ) |      |   | 39    |  |      | 6   |      |   | 69    |  |   | (57   | )
|                                                                        |  |                          |       |   |      |   |       |  |      |     |      |   |       |  |   |       |  
|Earnings subtotal (a)                                                   |  |                          | 1,813 |   |      |   | 1,260 |  |      | 612 |      |   | 1,149 |  |   | 1,177 |  
|                                                                        |  |                          |       |   |     
|Fixed charges included in earnings:                                     |  |                          |       |   |      |   |       |  |      |     |      |   |       |  |   |       |  
|Interest expense                                                        |  |                          | 160   |   |      |   | 190   |  |      | 179 |      |   | 192   |  |   | 210   |  
|Distribution on convertible preferred securities                        |  |                          |      |   |      |   | 33    |  |      | 33  |      |   | 33    |  |   | 33    |  
|Interest portion of rentals (b)                                         |  |                          | 24    |   |      |   | 24    |  |      | 23  |      |   | 19    |  |   | 20    |  
|                                                                        |  |                          |       |   |      |   |       |  |      |     |      |   |       |  |   |       |  
|Fixed charges subtotal                                                  |  |                          | 184   |   |      |   | 247   |  |      | 235 |      |   | 244   |  |   | 263   |  
|                                                                        |  |                          |       |   |     
|Earnings from continuing operations available before fixed charges      |  | $                        | 1,997 |   |      | $ | 1,507 |  | $    | 847 |      | $ | 1,393 |  | $ | 1,440 |  
|                                                                        |  |                          |       |   |      |   |       |  |      |     |      |   |       |  |   |       |  
|Fixed charges:                                                          |  |                          |       |   |      |   |       |  |      |     |      |   |       |  |   |       |  
|Fixed charges included in earnings                                      |  | $                        | 184   |   |      | $ | 247   |  | $    | 235 |      | $ | 244   |  | $ | 263   |  
|Capitalized interest                                                    |  |                          | 65    |   |      |   | 60    |  |      | 46  |      |   | 27    |  |   | 13    |  
|                                                                        |  |                          |       |   |      |   |       |  |      |     |      |   |       |  |   |       |  
|Total fixed charges                                                     |  | $                        | 249   |   |      | $ | 307   |  | $    | 281 |      | $ | 271   |  | $ | 276   |  
|                                                                        |  |                          |       |   |      |   |       |  |      |     |      |   |       |  |   |       |  
|Ratio of earnings from continuing operations to fixed charges           |  |                          | 8.0   |   |      |   | 4.9   |  |      | 3.0 |      |   | 5.1   |  |   | 5.2   |  
|                                                                        |  |                          |       |   |      |   |       |  |      |     |      |   |       |  |   |       |  
|                                                                        |  |                          |       |   |      |   |       |  |      |     |      |   |       |  |   |       |  
|(a) Includes pre-tax impairment of :                                    |  |                          | 74    |   |      |   | 93    |  |      | 47  |      |   | 137   |  |   | 66    |  
|                                                                        |  |                          |       |   |     
|The ratio of earnings, excluding impairment, to fixed charges would be: |  |                          | 8.3   |   |      |   | 5.2   |  |      | 3.2 |      |   | 5.6   |  |   | 5.5   |  
|                                                                        |  |                          |       |   |     
|(b) Calculated as one-third of operating rental expense.                |  |                          |       |   |      |   |       |  |      |     |      |   |       |  |   |       |