Attached files
Exhibit 12.1
McMoRan Exploration Co.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands)
Computation of Ratio of Earnings
|
||||||||||
to Fixed Charges:
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||||||||||
Years Ended December 31,
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||||||||||
2009
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2008
|
2007
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2006
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2005
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||||||
Loss from Continuing Operations a
|
(204,889
|
)
|
(211,198
|
)
|
(63,561
|
)
|
(44,716
|
)
|
(31,470
|
)
|
ADD:
|
||||||||||
(Benefit) Provision for Income Taxes
|
(2,445
|
)
|
2,508
|
-
|
-
|
-
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||||
Interest Expense
|
42,943
|
50,890
|
66,366
|
10,203
|
15,282
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|||||
Rental Expense Factor
|
598
|
387
|
248
|
41
|
60
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|||||
Earnings Available For Fixed Charges
|
(163,793
|
)
|
(157,413
|
)
|
3,053
|
(34,472
|
)
|
(16,128
|
)
|
|
Interest Expense
|
42,943
|
50,890
|
66,366
|
10,203
|
15,282
|
|||||
Capitalized Interest
|
3,929
|
5,001
|
6,361
|
5,260
|
2,121
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|||||
Rental Expense Factor
|
598
|
387
|
248
|
41
|
60
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|||||
Fixed Charges
|
47,470
|
56,278
|
72,975
|
15,504
|
17,463
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|||||
Ratio of Earnings to Fixed Charges
|
-
|
b
|
-
|
b
|
-
|
b
|
-
|
b
|
-
|
b
|
Computation of Ratio of Earnings
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||||||||||
to Fixed Charges and Preferred Dividends:
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||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||
Loss from Continuing Operations a
|
(204,889
|
)
|
(211,198
|
)
|
(63,561
|
)
|
(44,716
|
)
|
(31,470
|
)
|
ADD:
|
||||||||||
(Benefit) Provision for Income Taxes
|
(2,445
|
)
|
2,508
|
-
|
-
|
-
|
||||
Interest Expense
|
42,943
|
50,890
|
66,366
|
10,203
|
15,282
|
|||||
Rental Expense Factor
|
598
|
387
|
248
|
41
|
60
|
|||||
Earnings Available For Fixed Charges and
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||||||||||
Preferred Dividends
|
(163,793
|
)
|
(157,413
|
)
|
3,053
|
(34,472
|
)
|
(16,128
|
)
|
|
Interest Expense
|
42,943
|
50,890
|
66,366
|
10,203
|
15,282
|
|||||
Capitalized Interest
|
3,929
|
5,001
|
6,361
|
5,260
|
2,121
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|||||
Preferred dividends c
|
14,332
|
22,286
|
3,367
|
1,494
|
1,503
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|||||
Rental Expense Factor
|
598
|
387
|
248
|
41
|
60
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|||||
Fixed Charges and Preferred Dividends
|
61,802
|
78,564
|
76,342
|
16,998
|
18,966
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|||||
Ratio of earnings to fixed charges
|
-
|
d
|
-
|
d
|
-
|
d
|
-
|
d
|
-
|
d
|
a.
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Loss represents McMoRan's continuing oil and gas operations.
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b.
|
McMoRan sustained a net loss from continuing operations of $204.9 million in 2009, $211.2 million in 2008, $44.7 million in 2006 and $31.5 million in 2005. These losses were inadequate to cover McMoRan’s fixed charges of $47.5 million in 2009, $56.3 million in 2008, $15.5 million in 2006 and $17.5 million in 2005. McMoRan’s earnings available for fixed charges for 2007 were insufficient to cover it fixed charges by $69.9 million.
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c.
|
Preferred dividends associated with McMoRan's 8% convertible perpetual preferred stock, 6 ¾% mandatory convertible preferred stock and 5% mandatorily redeemable convertible preferred stock.
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d.
|
McMoRan sustained a net loss from continuing operations of $204.9 million in 2009, $211.2 million in 2008, $44.7 million in 2006 and $31.5 million in 2005. These losses were inadequate to cover McMoRan fixed charges of $61.8 million in 2009, $78.6 million in 2008, $17.0 million in 2006 and $19.0 million in 2005. In 2007, McMoRan’s earnings available for fixed charges and preferred dividends were insufficient to cover its fixed charges and preferred dividends by $73.3 million.
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