EX-12.1 3 d96299ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 PIONEER NATURAL RESOURCES COMPANY RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (in thousands, except ratios)
THREE MONTHS YEAR ENDED DECEMBER 31, ENDED ------------------------------------------------------ MARCH 31, 2002 2001 2000 1999 1998 1997 -------------- -------- -------- -------- --------- ----------- Pretax earnings $ (2,369) $107,765 $158,499 $(23,060) $(730,826) $(1,377,563) ----------- -------- -------- -------- --------- ----------- Adjustments: Add fixed charges and preferred stock dividends: Interest expense 26,317 131,958 161,952 170,344 164,285 77,550 Interest capitalized 2,131 5,991 -- -- -- -- Rental expense attributable to interest 495 2,200 2,333 2,300 2,967 1,233 Preferred stock dividends -- -- -- -- -- -- ----------- -------- -------- -------- --------- ----------- Total fixed charges and preferred stock dividends 28,943 140,149 164,285 172,644 167,252 78,783 ----------- -------- -------- -------- --------- ----------- Deduct: Interest capitalized 2,131 5,991 -- -- -- -- Preferred stock dividends -- -- -- -- -- -- ----------- -------- -------- -------- --------- ----------- Total deductions 2,131 5,991 -- -- -- -- ----------- -------- -------- -------- --------- ----------- Adjusted earnings $ 24,443 $241,923 $322,784 $149,584 $(563,574) $(1,298,780) =========== ======== ======== ======== ========= =========== Ratio of earnings to fixed charges 0.84 1.73 1.96 0.87 (3.37) (16.49) =========== ======== ======== ======== ========= =========== Ratio of earnings to fixed charges and preferred stock dividends 0.84 1.73 1.96 0.87 (3.37) (16.49) =========== ======== ======== ======== ========= ===========
----------- (1) Earnings were insufficient to cover fixed charges and preferred stock dividends by $4.5 million, $23.1 million, $730.8 million, $1,377.6 million during the quarter ended March 31, 2002 and for the years ended December 31, 1999, 1998 and 1997, respectively.