APACHE CORP - FORM 10-Q - EX-12.1 - May 7, 2010

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EXCEL - IDEA: XBRL DOCUMENT - APACHE CORPFinancial_Report.xls
EX-31.1 - EX-31.1 - APACHE CORPh70189exv31w1.htm
EX-32.1 - EX-32.1 - APACHE CORPh70189exv32w1.htm
EX-31.2 - EX-31.2 - APACHE CORPh70189exv31w2.htm
10-Q - FORM 10-Q - APACHE CORPh70189e10vq.htm
EXHIBIT 12.1
APACHE CORPORATION
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(In Thousands)
                                                         
    Three Months Ended                                
    March 31,                                
    2010     2009     2009     2008     2007     2006     2005  
EARNINGS (LOSS)
                                                        
Pretax income (loss) from continuing operations
   $ 1,206,785     $ (2,453,491 )   $ 326,391     $ 932,392     $ 4,672,612     $ 4,009,595     $ 4,206,254  
Add: Fixed charges excluding capitalized interest
     68,907       69,421       285,816       214,288       258,221       178,399       138,399  
 
                                          
 
                                                        
Adjusted Earnings (Loss)
   $ 1,275,692     $ (2,384,070 )   $ 612,207     $ 1,146,680     $ 4,930,833     $ 4,187,994     $ 4,344,653  
 
                                          
 
                                                        
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
                                                        
Interest expense including capitalized interest (1)
   $ 76,459     $ 78,914     $ 309,619     $ 280,457     $ 308,235     $ 217,454     $ 175,419  
Amortization of debt expense
     1,388       1,408       5,553       3,689       3,310       2,048       3,748  
Interest component of lease rental expenditures (2)
     8,115       5,108       31,197       24,306       22,424       20,198       16,220  
 
                                          
 
                                                        
Fixed charges
     85,962       85,430       346,369       308,452       333,969       239,700       195,387  
 
                                                        
Preferred stock dividend requirements (3)
     —       1,983       12,105       7,438       9,437       8,922       9,105  
 
                                          
 
                                                        
Combined Fixed Charges and Preferred Stock Dividends (1)
   $ 85,962     $ 87,413     $ 358,474     $ 315,890     $ 343,406     $ 248,622     $ 204,492  
 
                                          
 
                                                        
Ratio of Earnings to Fixed Charges
     14.84       —       1.77       3.72       14.76       17.47       22.24  
 
                                          
 
                                                        
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
     14.84       —       1.71       3.63       14.36       16.84       21.25  
 
                                          
 
(1)   Interest expense related to the provisions for uncertainty in income taxes under ASC Topic 740, “Income Taxes” is not included in the computation of ratios of earnings to fixed charges and combined fixed charges and preferred stock dividends.
 
(2)   Represents the portion of rental expense assumed to be attributable to interest factors of related rental obligations determined at interest rates appropriate for the period during which the rental obligations were incurred. Approximately 32 to 34 percent applies to rental payments for all periods presented.
 
(3)   The Company does not receive a tax benefit for its preferred stock dividends. This amount represents the pre-tax earnings that would be required to cover its preferred stock dividends.

 

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