EX-12.1 3 d347642dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

SANDRIDGE ENERGY, INC.

RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS

 

     Successor     Predecessor  
     Period from
October 2,
2016 through
December 31,
2016		     Period from
January 1,
2016
through
October 1,
2016		    


Year Ended December 31,		  
         2015     2014     2013     2012  

Fixed Charges:

             

Interest expense

    $ 1,590     $ 127,517     $ 322,502     $ 244,712     $  274,591 (a)    $  312,869 (a) 

Interest component of rent

      7       126       321       578       1,207       851  

Capitalized interest

      —         2,240       14,019       19,717       16,691       14,789  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 1,597     $ 129,883     $ 336,842     $ 265,007     $ 292,489     $ 328,509  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings:

             

Pretax (loss) income from continuing operations (b)

    $ (333,973 )    $ 1,440,808     $ (3,697,512 )    $ 250,709     $ (548,513 )    $ 40,905  

Fixed charges

      1,597       129,883       336,842       265,007       292,489       328,509  

Less: interest capitalized in current period

      —         (2,240 )      (14,019 )      (19,717 )      (16,691 )      (14,789 ) 

Add: previously capitalized interest amortized in current period

      1,549       4,513       4,449       2,746       2,301       1,077  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ (330,827 )    $ 1,572,964     $ (3,370,240 )    $ 498,745     $ (270,414 )    $ 355,702  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges

      —         12.1       —         1.9       —         1.1  

Insufficient coverage

    $ 332,424     $ —       $ 3,707,082     $ —       $ 562,903     $ —    

Fixed charges

    $ 1,597     $ 129,883     $ 336,842     $ 265,007     $ 292,489     $ 328,509  

Preferred dividends (c)

      —         16,321       37,950       50,025       55,525       55,525  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 1,597     $ 146,204     $ 374,792     $ 315,032     $ 348,014     $ 384,034  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings

    $ (330,827 )    $ 1,572,964     $ (3,370,240 )    $ 498,745     $ (270,414 )    $ 355,702  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of Earnings to Fixed Charges and Preferred Dividends

      —         10.8       —         1.6       —         —    

Insufficient coverage

    $ 332,424     $ —       $ 3,745,032     $ —       $ 618,428     $ 28,332  

 

(a) Interest expense for the years ended December 31, 2013 and 2012 excludes the effects of $2.4 million and $8.1 million unrealized gain, respectively, on interest rate swaps.
(b) Excludes undistributed income from equity investees.
(c) Preferred dividends are presented on a pre-tax basis.