Exhibit 12



     PHILLIPS PETROLEUM COMPANY AND CONSOLIDATED SUBSIDIARIES
                         TOTAL ENTERPRISE

        Computation of Ratio of Earnings to Fixed Charges


                                                       Millions of Dollars  
                                                    ------------------------
                                                        Six Months Ended
                                                             June 30        
                                                    ------------------------
                                                      1997              1996
                                                    ------------------------
                                                           (Unaudited)
Earnings Available for Fixed Charges
  Income before income taxes                        $1,035             1,324
  Distributions in excess of (less than) equity 
    in earnings of less-than-fifty-percent-owned
    companies                                          (11)               21
  Fixed charges, excluding capitalized
    interest and the portion of the
    preferred dividend requirements of a
    subsidiary not previously deducted
    from income*                                       177               167
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                                                    $1,201             1,512
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Fixed Charges
  Interest and expense on indebtedness,
    excluding capitalized interest                  $  112               128
  Capitalized interest                                  21                15
  Preferred dividend requirements of
    a subsidiary and a capital trust                    56                25
  One-third of rental expense, net of
    subleasing income, for operating leases             18                18
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                                                    $  207               186
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Ratio of Earnings to Fixed Charges                     5.8               8.1
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*Includes amortization of capitalized interest totaling approximately
 $6 million and $5 million in 1997 and 1996, respectively.  


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
included a minimal amount of interest related to LTSSP borrowings for the
first six months of 1997 and 1996.