EX-12.1 5 a05-17890_1ex12d1.htm STATEMENTS REGARDING COMPUTATION OF RATIOS

EXHIBIT 12.1

 

POGO PRODUCING COMPANY & SUBSIDIARIES

RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in Thousands)

 

 

 

Nine Months

 

 

 

 

 

 

 

 

 

 

 

 

 

ended

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

For the year ended December 31,

 

 

 

2005

 

2004

 

2004

 

2003

 

2002

 

2001

 

2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes, minority interest, and accounting change

 

$

284,661

 

$

325,971

 

$

397,901

 

$

372,606

 

$

116,325

 

$

91,762

 

$

82,717

 

Add —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

43,093

 

24,278

 

32,118

 

48,687

 

63,164

 

67,316

 

44,812

 

Less —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividend requirement of consolidated subsidiary

 

—

 

—

 

—

 

—

 

(4,140

)

(9,999

)

(9,965

)

Capitalized interest

 

(7,435

)

(11,457

)

(14,216

)

(16,531

)

(24,033

)

(33,242

)

(20,918

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total earnings

 

$

320,319

 

$

338,792

 

$

415,803

 

$

404,762

 

$

151,316

 

$

115,837

 

$

96,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

40,892

 

$

22,115

 

$

29,333

 

$

46,360

 

$

57,450

 

$

56,259

 

$

34,064

 

Preferred dividend requirement of consolidated subsidiary

 

—

 

—

 

—

 

—

 

4,140

 

9,999

 

9,965

 

Portion of rental expense representing interest

 

2,201

 

2,163

 

2,785

 

2,327

 

1,574

 

1,058

 

783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed charges

 

$

43,093

 

$

24,278

 

$

32,118

 

$

48,687

 

$

63,164

 

$

67,316

 

$

44,812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

7.4

x

14.0

x

12.9

x

8.3

x

2.4

x

1.7

x

2.2

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rent expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office space

 

$

2,365

 

$

2,365

 

$

2,859

 

$

2,739

 

$

2,700

 

$

2,520

 

$

1,850

 

Other equipment

 

4,239

 

4,123

 

5,497

 

4,241

 

2,022

 

654

 

500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total rent expense

 

$

6,604

 

$

6,488

 

$

8,356

 

$

6,980

 

$

4,722

 

$

3,174

 

$

2,350

 

Percent assumed to be interest

 

33

%

33

%

33

%

33

%

33

%

33

%

33

%

 

 

$

2,201

 

$

2,163

 

$

2,785

 

$

2,327

 

$

1,574

 

$

1,058

 

$

783