EX-12.1 2 a06-21638_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,

 

Year Ended December 31,

 

 

 

2006

 

2005

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

849,455

 

$

640,023

 

$

968,660

 

$

513,008

 

$

140,405

 

$

27,896

 

$

150,130

 

Add (deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

100,745

 

67,390

 

99,375

 

62,747

 

62,075

 

64,566

 

54,434

 

Interest capitalized

 

(3,430

)

(7,297

)

(8,684

)

(8,168

)

(13,430

)

(16,331

)

(15,953

)

Income from equity investees

 

(108,901

)

(61,267

)

(90,812

)

(78,199

)

(45,186

)

(12,361

)

(9,783

)

Distributed income from equity investees

 

18,000

 

42,975

 

59,625

 

57,825

 

46,125

 

17,696

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings as defined

 

$

855,869

 

$

681,824

 

$

1,028,164

 

$

547,213

 

$

189,989

 

$

81,466

 

$

178,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

$

95,642

 

$

59,030

 

$

87,541

 

$

53,460

 

$

47,681

 

$

47,709

 

$

38,007

 

Interest capitalized

 

3,430

 

7,297

 

8,684

 

8,168

 

13,430

 

16,331

 

15,953

 

Interest portion of rental expense

 

1,673

 

1,063

 

3,150

 

1,119

 

964

 

526

 

474

 

Fixed charges as defined

 

$

100,745

 

$

67,390

 

$

99,375

 

$

62,747

 

$

62,075

 

$

64,566

 

$

54,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

8.5

 

10.1

 

10.3

 

8.7

 

3.1

 

1.3

 

3.3