Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - NEWFIELD EXPLORATION CO /DE/ | h69304e8vk.htm |
| EX-99.2 - EX-99.2 - NEWFIELD EXPLORATION CO /DE/ | h69304exv99w2.htm |
| EX-99.1 - EX-99.1 - NEWFIELD EXPLORATION CO /DE/ | h69304exv99w1.htm |
Exhibit 12.1
Newfield Exploration Company
Computation of Ratios of Earnings (Loss) to Fixed Charges and Earnings (Loss) to Fixed Charges Plus
Preferred Dividends
| For the | ||||||||||||||||||||||||
| Nine | ||||||||||||||||||||||||
| Months | ||||||||||||||||||||||||
| Ended | For the Year Ended December 31, | |||||||||||||||||||||||
| (Dollars in Millions) | September 30, 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||||
Pre-tax income (loss) from continuing operations |
$ | (1,067 | ) | $ | (535 | ) | $ | 294 | $ | 956 | $ | 545 | $ | 518 | ||||||||||
Fixed charges: |
||||||||||||||||||||||||
Interest expense, including debt issue amortization |
56 | 52 | 55 | 43 | 26 | 32 | ||||||||||||||||||
Capitalized interest |
39 | 60 | 47 | 44 | 46 | 26 | ||||||||||||||||||
Interest portion of rent expense |
2 | 3 | 2 | 1 | 2 | 1 | ||||||||||||||||||
Total fixed charges before preferred dividend requirements |
97 | 115 | 104 | 88 | 74 | 59 | ||||||||||||||||||
Preferred dividend requirements |
— | — | — | — | — | — | ||||||||||||||||||
Total fixed charges and preferred dividend requirements |
$ | 97 | $ | 115 | $ | 104 | $ | 88 | $ | 74 | $ | 59 | ||||||||||||
Earnings (loss) before fixed charges (excludes capitalized interest) and preferred dividends |
$ | (1,009 | ) | $ | (480 | ) | $ | 351 | $ | 1,000 | $ | 573 | $ | 551 | ||||||||||
Earnings (loss) before fixed charges (excludes capitalized interest) |
(1,009 | ) | (480 | ) | 351 | 1,000 | 573 | 551 | ||||||||||||||||
Ratio of earnings (loss) to fixed charges |
— | (1) | — | (1) | 3.4 x | 11.3 x | 7.8 x | 9.3 x | ||||||||||||||||
Ratio of earnings (loss) to fixed charges plus preferred dividends (2) |
— | (1) | — | (1) | 3.4 x | 11.3 x | 7.8 x | 9.3 x | ||||||||||||||||
Fixed charges consist of interest (both expensed and capitalized) and an estimated interest
component of rent expense, which management believes is a reasonable approximation of the interest
factor.
| (1) | Earnings for 2008 and the nine months ended September 30, 2009 were insufficient to cover fixed charges by $595 million and $1.1 billion, respectively, due to non-cash charges of $1.9 billion and $1.3 billion, respectively, primarily associated with ceiling test writedowns in the respective periods. | |
| (2) | No dividends accrued on any outstanding shares of preferred stock during the periods presented. |