EX-12 5 ex12.txt STATEMENT REGARDING COMPUTATIN OF RATIOS EXHIBIT 12 EOG RESOURCES, INC. Computation of Ratio of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends (In Thousands) (Unaudited)
Year Ended December 31, 2003 2002 2001 2000 1999 EARNINGS AVAILABLE FOR FIXED CHARGES: Net Income Before Cumulative Effect of Change in Accounting Principle (1) $437,276 $ 87,173 $398,616 $396,931 $569,094 Less: Capitalized Interest Expense (8,541) (8,987) (8,646) (6,708) (10,594) Add: Fixed Charges 74,661 75,497 60,468 72,833 77,837 Income Tax Provision (Benefit) 216,600 32,499 232,829 236,626 (1,382) EARNINGS AVAILABLE $719,996 $186,182 $683,267 $699,682 $634,955 FIXED CHARGES: Interest Expense $ 58,711 $ 59,654 $ 45,110 $ 61,006 $ 61,819 Capitalized Interest Expense 8,541 8,987 8,646 6,708 10,594 Rental Expense Representative of Interest Factor 7,409 6,856 6,712 5,119 5,424 TOTAL FIXED CHARGES 74,661 75,497 60,468 72,833 77,837 Preferred Dividends on a Pre-tax Basis 16,497 15,145 17,416 17,602 660 COMBINED TOTAL FIXED CHARGES AND PREFERRED DIVIDENDS $ 91,158 $ 90,642 $ 77,884 $ 90,435 $ 78,497 RATIO OF EARNINGS TO FIXED CHARGES 9.64 2.47 11.30 9.61 8.16 RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS 7.90 2.05 8.77 7.74 8.09 (1) EOG adopted Statement of Financial Accounting Standards (SFAS) No. 143 - "Accounting for Asset Retirement Obligations" on January 1, 2003. Pro forma net income for 2002 through 1999 is not presented since the pro forma application of SFAS No. 143 to the prior periods would not result in pro forma net income materially different from the actual amount reported.