EX-12.1 5 nbl-20150930x10qxex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1
Noble Energy, Inc.
Calculation of Ratio of Earnings to Fixed Charges
 
 
Nine Months Ended
September 30,
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
(millions)
 
 
 
 
 
 
 
 
 
 
Income (Loss) From Continuing Operations Before Income Tax and Income From Equity Investees
 
$
(653
)
 
$
1,540

 
$
1,138

 
$
1,170

 
$
309

Add (Deduct)
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
315

 
349

 
296

 
288

 
207

Capitalized Interest
 
(111
)
 
(116
)
 
(121
)
 
(151
)
 
(132
)
Distributed Income From Equity Investees
 
55

 
382

 
204

 
204

 
225

Earnings as Defined
 
$
(394
)
 
$
2,155

 
$
1,517

 
$
1,511

 
$
609

 
 
 
 
 
 
 
 
 
 
 
Net Interest Expense
 
183

 
210

 
158

 
125

 
65

Capitalized Interest
 
111

 
116

 
121

 
151

 
132

Interest Portion of Rental Expense
 
21

 
23

 
17

 
12

 
10

Fixed Charges as Defined
 
$
315

 
$
349

 
$
296

 
$
288

 
$
207

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
—

 
6.2

 
5.1

 
5.2

 
2.9

 
 
 
 
 
 
 
 
 
 
 
Amount by Which Earnings Were Insufficient to Cover Fixed Charges
 
$
709

 
$
—

 
$
—

 
$
—

 
$
—