EX-12.1 4 a04-3320_1ex12d1.htm EX-12.1

Exhibit 12.1

 

NOBLE ENERGY, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

 

 

 

Year ended December 31,

 

 

 

2003

 

2002

 

2001

 

2000

 

1999

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before cumulative effect of change in accounting principle

 

$

141,639

 

$

27,896

 

$

150,130

 

$

207,890

 

$

43,043

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

62,075

 

64,566

 

54,434

 

50,434

 

49,393

 

Interest capitalized

 

(14,134

)

(16,331

)

(15,953

)

(6,326

)

(5,894

)

Distributions less equity in earnings of equity investees

 

5,499

 

8,164

 

(6,981

)

(13,544

)

—

 

Earnings as defined

 

$

195,079

 

$

84,295

 

$

181,630

 

$

238,454

 

$

86,542

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, excluding capitalized interest

 

$

46,977

 

$

47,709

 

$

38,007

 

$

43,697

 

$

43,041

 

Interest capitalized

 

14,134

 

16,331

 

15,953

 

6,326

 

5,894

 

Interest portion of rental expense

 

964

 

526

 

474

 

411

 

458

 

Fixed charges as defined

 

$

62,075

 

$

64,566

 

$

54,434

 

$

50,434

 

$

49,393

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

3.14

 

1.31

 

3.34

 

4.73

 

1.75