EX-12.1 2 a07-5315_1ex12d1.htm EX-12.1

EXHIBIT 12.1

NOBLE ENERGY, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

 

Year Ended December 31,

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 

(in thousands)

 

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

 

$

1,096,217

 

$

968,660

 

$

513,008

 

$

140,405

 

$

27,896

 

Add (deduct)

 

 

 

 

 

 

 

 

 

 

 

Fixed charges

 

133,644

 

99,375

 

62,747

 

62,075

 

64,566

 

Interest capitalized

 

(12,515

)

(8,684

)

(8,168

)

(13,430

)

(16,331

)

Income from equity investees

 

(139,362

)

(90,812

)

(78,199

)

(45,186

)

(12,361

)

Distributed income of equity investees

 

37,350

 

59,625

 

57,825

 

46,125

 

17,696

 

Earnings as defined

 

$

1,115,334

 

$

1,028,164

 

$

547,213

 

$

189,989

 

$

81,466

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest expense

 

117,045

 

87,541

 

53,460

 

$

47,681

 

$

47,709

 

Interest capitalized

 

12,515

 

8,684

 

8,168

 

13,430

 

16,331

 

Interest portion of rental expense

 

4,084

 

3,150

 

1,119

 

964

 

526

 

Fixed charges as defined

 

$

133,644

 

$

99,375

 

$

62,747

 

$

62,075

 

$

64,566

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratio of earnings to fixed charges

 

8.3

 

10.3

 

8.7

 

3.1

 

1.3

 

 

1