EX-12.1 3 a04-1287_1ex12d1.htm EX-12.1

EXHIBIT 12.1

 

NOBLE ENERGY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in thousands)

 

 

 

Nine Months
Ended
September 30,
2003

 

Year ended December 31,

 

 

 

 

 

 

 

 

 

2002

 

2001

 

2000

 

1999

 

1998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before taxes

 

$

148,317

 

$

32,179

 

$

153,463

 

$

215,589

 

$

44,784

 

$

(279,338

)

Add (deduct)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

47,070

 

64,566

 

54,434

 

50,434

 

49,393

 

50,913

 

Interest capitalized

 

(9,578

)

(16,331

)

(15,953

)

(6,326

)

(5,894

)

(6,753

)

Distributions less equity in earnings of equity investees

 

4,385

 

8,164

 

(6,981

)

(13,544

)

—

 

—

 

Earnings as defined

 

$

190,194

 

$

88,578

 

$

184,963

 

$

246,153

 

$

88,283

 

$

(235,178

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, excluding capitalized interest

 

$

36,785

 

$

47,709

 

$

38,007

 

$

43,697

 

$

43,041

 

$

43,758

 

Interest capitalized

 

9,578

 

16,331

 

15,953

 

6,326

 

5,894

 

6,753

 

Interest portion of rental expense

 

707

 

526

 

474

 

411

 

458

 

402

 

Fixed charges as defined

 

$

47,070

 

$

64,566

 

$

54,434

 

$

50,434

 

$

49,393

 

$

50,913

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

4.04

 

1.37

 

3.40

 

4.88

 

1.79

 

 

(1)

 

(1) The ratio is less than one because earnings were inadequate to cover fixed charges for the period. Earnings were insufficient to cover fixed charges by approximately $286 million in 1998.