EX-12.1 7 h93338ex12-1.txt COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES (Unaudited)
NINE MONTHS ENDED SEPTEMBER 30, YEAR ENDED DECEMBER 31, ------------- ---------------------------------------------------------------------- 2001 2000 1999 1998 1997 1996 ------------- --------- ----------- ---------- ----------- ---------- (DOLLARS IN THOUSANDS) EARNINGS Earnings before income taxes, extraordinary items, and non-cash write-downs of oil and gas properties $122,466 $194,549 $54,779 $11,997 $21,517 $39,269 Add fixed charges (excluding portion capitalized) 2,986 9,880 15,852 15,818 6,370 6,265 ----------- --------- ----------- ---------- ----------- ---------- Total earnings $125,452 204,429 $70,631 $27,815 $27,887 $45,534 =========== ========= =========== ========== =========== ========== FIXED CHARGES Interest cost and amortization of financing costs and debt discount $7,428 $13,529 $17,868 $17,496 $6,201 $6,084 Portion of rental cost equivalent to interest (estimated to be one-third of rental cost) 317 378 283 405 366 271 ----------- --------- ----------- ---------- ----------- ---------- Total fixed charges $7,745 $13,907 $18,151 $17,901 $6,567 $6,355 =========== ========= =========== ========== =========== ========== Ratio of earnings to fixed charges 16.2 14.7 3.9 1.6 4.3 7.2 =========== ========= =========== ========== =========== ==========