EX-12.1 5 swtf_ex121-03172017.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
SWIFT ENERGY COMPANY
RATIO OF EARNINGS TO FIXED CHARGES (in thousands)
 
Predecessor
Predecessor
Successor
 
Year Ended December 31,
January 1, 2016 to April 22, 2016
April 23, 2016 to December 31, 2016
 
2012
2013
2014
2015
EARNINGS AVAILABLE FOR FIXED CHARGES
 
 
 
 
 
 
INCOME/ (LOSS) BEFORE INCOME TAXES
37,773
198
(433,470)

(1,734,514)

851,611
(156,288)

PLUS FIXED CHARGES
66,180
77,636
79,019

81,600

13,517
16,140

LESS CAPITALIZED INTEREST
(7,890)
(7,223)
(5,024)

(4,893)

0
(537)

EARNINGS AVAILABLE FOR FIXED CHARGES
96,063
70,611
(359,475)

(1,657,807)

865,128
(140,685)

FIXED CHARGES
 
 
 
 
 
 
INTEREST EXPENSE
57,303
69,382
73,207

75,870

13,347
15,310

CAPITALIZED INTEREST
7,890
7,223
5,024

4,893

0
537

INTEREST COMPONENT OF RENT
987
1,031
788

837

170
293

 
66,180
77,636
79,019

81,600

13,517
16,140

RATIO OF EARNINGS TO FIXED CHARGES
1.45
0.91
—

—

64.00
—

Amount needed for a “break-even” ratio earnings
 
 
438,494

1,739,407

 
156,825

For purposes of calculating the ratio of earnings to fixed charges, fixed charges include interest expense, capitalized interest, amortization of debt issuance costs and discounts, and that portion of non-capitalized rental expense deemed to be the equivalent of interest. Earnings represents income before income taxes and cumulative effect of change in accounting principle before interest expense, net, and that portion of rental expense deemed to be the equivalent of interest. Due to the non-cash charge incurred in 2015 caused by the write-downs in the carrying value of oil and gas properties, 2015 earnings were insufficient by $1.74 billion to cover fixed charges.