EX-12.1 5 h18469exv12w1.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 MISSION RESOURCES STATEMENT SETTING FORTH DETAIL FOR COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
SIX MONTHS YEAR ENDED DECEMBER 31, ENDED JUNE 30, ------------------------------------------------ ------------------ 1999 2000 2001(1) 2002(1) 2003 2003 2004(2) ------ ------ ------- ------- ------ ------ ------- Fixed charges: Interest expense, gross 11,845 15,375 23,664 26,853 25,565 12,459 11,707 Portion of rentals representative of interest 5 153 165 206 210 105 130 ------ ------ ------- ------- ------ ------ ------- Total fixed charges 11,850 15,528 23,829 27,059 25,775 12,564 11,837 Earnings before fixed charges: Pretax income (loss) 5,659 19,986 (40,000) (50,064) 4,725 14,476 (1,177) Fixed charges 11,850 15,528 23,829 27,059 25,775 12,564 11,837 Impairment expenses -- -- 27,971 16,679 -- -- -- Earnings - White Shoal Pipeline -- -- -- -- (361) (316) (31) ------ ------ ------- ------- ------ ------ ------- Total earnings before fixed charges 17,509 35,514 11,800 (6,326) 30,139 26,724 10,629 Ratio of earnings to fixed charges: Earnings before fixed charges: 17,509 35,514 11,800 (6,326) 30,139 26,724 10,629 Fixed charges 11,850 15,528 23,829 27,059 25,775 12,564 11,837 ------ ------ ------- ------- ------ ------ ------- Ratio of earnings to fixed charges 1.5 2.3 -- -- 1.2 2.1 --
(1) During the years ended December 31, 2001 and 2002, earnings were insufficient to cover fixed charges by $12.0 million and $33.4 million, respectively. (2) During the six months ended June 30, 2004, earnings were insufficient to cover fixed charges by $1.2 million.