Exhibit 12



     PHILLIPS PETROLEUM COMPANY AND CONSOLIDATED SUBSIDIARIES
                         TOTAL ENTERPRISE
        Computation of Ratio of Earnings to Fixed Charges


                                               Millions of Dollars
                                      --------------------------------------
                                             Years Ended December 31
                                      --------------------------------------
                                        1997    1996    1995    1994    1993
                                      --------------------------------------
                                                    (Unaudited)
Earnings Available for Fixed Charges
Income before income taxes,
  extraordinary items and cumulative
  effect of changes in accounting
  principles                          $1,900   2,172   1,064     852     538
Distributions in excess of (less than)
  equity in earnings of less-than-
  fifty-percent-owned companies          (22)     76      (1)      2       9
Fixed charges, excluding
  capitalized interest and the
  portion of the preferred dividend
  requirements of a subsidiary not
  previously deducted from income*       352     328     364     340     363
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                                      $2,230   2,576   1,427   1,194     910
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Fixed Charges
Interest and expense on
  indebtedness, excluding
  capitalized interest                $  217     237     285     266     290
Capitalized interest                      46      33      31      15      11
Preferred dividend requirements
  of a subsidiary                        113      68      73      56      71
One-third of rental expense,
  net of subleasing income,
  for operating leases                    39      35      36      32      30
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                                      $  415     373     425     369     402
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Ratio of Earnings to Fixed Charges       5.4     6.9     3.4     3.2     2.3
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*Includes amortization of capitalized interest totaling approximately
 $14 million in 1997, $10 million each in 1996, 1995 and 1994, and
 $11 million in 1993.


Earnings available for fixed charges include, if any, the company's equity in
losses of companies owned less than fifty percent and having debt for which
the company is contingently liable.  Fixed charges include the company's
proportionate share, if any, of interest relating to the contingent debt.

In 1990 and 1988, respectively, the company guaranteed a $400 million bank
loan and $250 million of notes payable for the Long-Term Stock Savings Plan
(LTSSP), an employee benefit plan.  In 1994, the notes payable were
refinanced with a $131 million term loan, and the $400 million loan was
amended in 1994, 1995, and again in 1997.  Consolidated interest expense
includes interest attributable to the LTSSP borrowings of $3 million in 1995,
and $1 million each in 1994 and 1993.  Interest attributable to the LTSSP
borrowings was minimal in 1997 and 1996.


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