EX-12.1 4 dex121.txt CALCULATION OF RATIO OF EARNINGS Exhibit 12.1 Mission Resources Corporation - Calculation of Ratio of Earnings to Fixed Charges (dollars in millions)
Mission Resources Year ended Six Months Year ended Pro forma Six Months June 30, ended December 31, year ended ended ------------ December 31, ------------------------- December 31, June 30, 1996 1997 1997 1998 1999 2000 2000 2001 ---- ---- ------------ ---- ---- ---- ------------ -------- EARNINGS Net income (loss) from continuing operations 982 4,645 3,548 (77,251) 8,813 32,208 41,837 389 Income tax expense 46 2,585 2,114 (6,069) (3,154) (12,222) (5,064) 48 Impairment expense - - - 73,899 - - - 11,221 Mining venture expense - - - - - - - 866 Fixed charges 1,657 4,477 5,978 11,660 11,845 15,375 41,302 9,535 Totals earnings available for fixed charges 2,685 11,707 11,640 2,239 17,504 35,361 78,075 22,059 FIXED CHARGES Interest and debt expense 1,579 4,034 5,631 10,825 11,014 14,816 39,865 8,959 Amortized debt issuance costs and discounts 78 443 347 835 831 559 1,437 873 Total fixed charges 1,657 4,477 5,978 11,660 11,845 15,375 41,302 9,832 RATIO OF EARNINGS TO FIXED CHARGES 1.6 2.6 1.9 0.2 1.5 2.3 1.9 2.2