Exhibit 12.1

POGO PRODUCING COMPANY & SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Thousands)

	Six Months ended June 30,						For the year ended December 31,
	2006			2005			2005			2004			2003			2002			2001
EARNINGS:
Income from continuing operations before taxes, minority interest, and accounting change	$	487,403		$	183,173		$	457,953		$	397,901		$	372,606		$	116,325		$	91,762
Add —
Fixed charges	69,123			25,611			72,016			32,118			48,687			63,164			67,316
Capitalized interest amortized	1,301			1,667			2,506			3,033			3,173			2,437			1,956
Less —
Preferred dividend requirement of consolidated subsidiary	—			—			—			—			—			(4,140		)	(9,999		)
Capitalized interest	(34,825		)	(4,910		)	(23,480		)	(14,216		)	(16,531		)	(24,033		)	(33,242		)
Total earnings	$	523,002		$	205,541		$	508,995		$	418,836		$	407,935		$	153,753		$	117,793
FIXED CHARGES:
Interest expense	$	29,709		$	19,151		$	45,174		$	15,117		$	29,829		$	33,417		$	23,017
Capitalized interest	34,825			4,910			23,480			14,216			16,531			24,033			33,242
Preferred dividend requirement of consolidated subsidiary	—			—			—			—			—			4,140			9,999
Portion of rental expense representing interest	4,589			1,550			3,362			2,785			2,327			1,574			1,058
Total fixed charges	$	69,123		$	25,611		$	72,016		$	32,118		$	48,687		$	63,164		$	67,316
RATIO OF EARNINGS TO FIXED CHARGES	7.6		x	8.0		x	7.1		x	13.0		x	8.4		x	2.4		x	1.7		x
Rent expense
Office space	$	2,928		$	1,478		$	3,305		$	2,859		$	2,739		$	2,700		$	2,520
Other equipment	10,840			3,173			6,782			5,497			4,241			2,022			654
FPSO	0			0			0			0			0			0			0
FSO	0			0			0			0			0			0			0
Total rent expense	$	13,768		$	4,651		$	10,087		$	8,356		$	6,980		$	4,722		$	3,174
Percent assumed to be interest	33		%	33		%	33		%	33		%	33		%	33		%	33		%
	$	4,589		$	1,550		$	3,362		$	2,785		$	2,327		$	1,574		$	1,058