EX-12.1 6 d772259dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

CARRIZO OIL & GAS, INC.

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

 

     Years Ended December 31,     Six Months
Ended June 30,		  
     2013     2012     2011     2010     2009     2014  

Earnings

             

Income (loss) from continuing operations before income taxes

    $ 34,761      $ 82,133      $ 58,145      $ 18,410      ($ 318,152 )    $ 15,841   

Fixed charges

      86,795        74,852        52,545        44,600        39,555        41,975   

Interest capitalized

      (29,889 )      (24,848 )      (23,369 )      (20,746 )      (19,696 )      (16,283 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Earnings

    $ 91,667      $ 132,137      $ 87,321      $ 42,264      ($ 298,293 )    $ 41,533   

Fixed Charges

             

Interest expense

    $ 84,578      $ 73,006      $ 50,998      $ 43,264      $ 38,286      $ 40,639   

Interest portion of rental expense

      2,217        1,846        1,547        1,336        1,269        1,336   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Fixed Charges

    $ 86,795      $ 74,852      $ 52,545      $ 44,600      $ 39,555      $ 41,975   

Ratio of Earnings to Fixed Charges

      1.06        1.77        1.66        —   (1)      —   (2)      —   (3) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) Earnings for the year ended December 31, 2010, were insufficient to cover fixed charges by $2.3 million primarily due to a loss on the extinguishment of debt of $31.0 million.
(2) Earnings for the year ended December 31, 2009, were insufficient to cover fixed charges by $337.8 million primarily due to impairments of oil and gas properties of $338.9 million.
(3) Earnings for the six months ended June 30, 2014, were insufficient to cover fixed charges by $0.4 million primarily due to losses on derivatives of $60.6 million.

We had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.