EX-12.1 3 a2017_10kxexx121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit No. 12.1


PDC ENERGY, INC.
Statement of Computation of Ratio of Earnings to Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
 
(dollars in thousands)
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
$
(339,432
)
 
$
(393,123
)
 
$
(106,588
)
 
$
177,228

 
$
(32,963
)
 
Fixed charges (see below)
 
89,434

 
69,840

 
55,844

 
53,512

 
54,002

 
Amortization of capitalized interest
 
3,190

 
3,463

 
2,486

 
1,379

 
1,096

 
Interest capitalized
 
(5,049
)
 
(4,489
)
 
(5,060
)
 
(3,468
)
 
(1,709
)
 
Total adjusted earnings (loss) available for fixed charges
 
$
(251,857
)
 
$
(324,309
)
 
$
(53,318
)
 
$
228,651

 
$
20,426

 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense (a)
 
$
78,694

 
$
61,972

 
$
47,571

 
$
47,842

 
$
50,143

 
Interest capitalized
 
5,049

 
4,489

 
5,060

 
3,468

 
1,709

 
Interest component of rental expense (b)
 
5,691

 
3,379

 
3,213

 
2,202

 
2,150

 
Total fixed charges
 
$
89,434

 
$
69,840

 
$
55,844

 
$
53,512

 
$
54,002

 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
—

(c)
—

(c)
—

(c)
4.3
x
 
—

(c)
 
 
 
 
 
 
 
 
 
 
 
 
__________
(a)
Represents interest expense on long-term debt and amortization of debt discount and issuance costs.
(b)
Represents the portion of rental expense which we believe represents an interest component.
(c)
For the years ended December 31, 2016, 2015, 2013, and 2012, earnings were insufficient to cover total fixed charges by $341.3 million, $394.1 million, $175.1 million, and $33.6 million, respectively.