EX-12 2 pe12.htm EX 12.1 Pacific Enterprises Coverage Ratios 3/31/2005 EXHIBIT 12

EXHIBIT 12.1

PACIFIC ENTERPRISES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions)

Quarter ended

2000

2001

2002

2003

2004

March 31, 2005

Fixed Charges:

Interest

$ 72

$ 88

$ 63

$ 54

$ 47

$ 12

Interest portion of annual rentals

4

3

2

2

2

1

Preferred dividends of subsidiaries (1)

2

2

2

2

2

1

Total fixed charges for purpose of ratio

$ 78

$ 93

$ 67

$ 58

$ 51

$ 14

Earnings:

Pretax income from continuing operations

$ 396

$ 377

$ 383

$ 361

$ 391

$ 117

Total fixed charges (from above)

78

93

67

58

51

14

Total earnings for purpose of ratio

$ 474

$ 470

$ 450

$ 419

$ 442

$ 131

Ratio of earnings to fixed charges

6.08

5.05

6.72

7.22

8.67

9.36

(1) In computing this ratio, "Preferred dividends of subsidiaries" represents the before-tax earnings necessary to pay such dividends,

computed at the effective tax rates for the applicable periods.