EX-12.1 13 a06-21504_1ex12d1.htm EX-12.1

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,

 

 

 

2006

 

2005

 

2005

 

2004

 

2003

 

2002

 

2001

 

EARNINGS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before taxes, minority

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

interest, and accounting change

 

$

527,381

 

$

284,661

 

$

457,953

 

$

397,901

 

$

372,606

 

$

116,325

 

$

91,762

 

Add —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

112,922

 

43,058

 

72,016

 

32,118

 

48,687

 

63,164

 

67,316

 

Capitalized interest amortized

 

2,194

 

1,794

 

2,506

 

3,033

 

3,173

 

2,437

 

1,956

 

Less —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred dividend requirement of consolidated subsidiary

 

—

 

—

 

—

 

—

 

—

 

(4,140

)

(9,999

)

Capitalized interest

 

(56,442

)

(7,435

)

(23,480

)

(14,216

)

(16,531

)

(24,033

)

(33,242

)

Total earnings

 

$

586,055

 

$

322,078

 

$

508,995

 

$

418,836

 

$

407,935

 

$

153,753

 

$

117,793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

49,416

 

$

33,457

 

$

45,174

 

$

15,117

 

$

29,829

 

$

33,417

 

$

23,017

 

Capitalized interest

 

56,442

 

7,435

 

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

 

7,064

 

2,166

 

3,362

 

2,785

 

2,327

 

1,574

 

1,058

 

Total fixed charges

 

$

112,922

 

$

43,058

 

$

72,016

 

$

32,118

 

$

48,687

 

$

63,164

 

$

67,316

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES

 

5.2

x

7.5

x

7.1

x

13.0

x

8.4

x

2.4

x

1.7

x

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rent expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office space

 

$

4,552

 

$

2,268

 

$

3,305

 

$

2,859

 

$

2,739

 

$

2,700

 

$

2,520

 

Other equipment

 

16,639

 

4,229

 

6,782

 

5,497

 

4,241

 

2,022

 

654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total rent expense

 

$

21,191

 

$

6,497

 

$

10,087

 

$

8,356

 

$

6,980

 

$

4,722

 

$

3,174

 

Percent assumed to be interest

 

33

%

33

%

33

%

33

%

33

%

33

%

33

%

 

 

$

7,064

 

$

2,166

 

$

3,362

 

$

2,785

 

$

2,327

 

$

1,574

 

$

1,058