Attached files
file | filename |
---|---|
EX-1.1 - EX-1.1 - HESS CORP | y86041exv1w1.htm |
EX-4.1 - EX-4.1 - HESS CORP | y86041exv4w1.htm |
8-K - FORM 8-K - HESS CORP | y86041e8vk.htm |
Exhibit
12.1
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions)
Six Months | YEARS ENDED DECEMBER 31, | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
Earnings |
||||||||||||||||||||||||
Consolidated income from continuing operations before income taxes (a) |
$ | 1,663 | $ | 1,522 | $ | 4,697 | $ | 3,825 | $ | 4,190 | $ | 2,309 | ||||||||||||
Plus: Fixed charges (excluding capitalized interest) |
190 | 385 | 320 | 306 | 246 | 270 | ||||||||||||||||||
Amortization of capitalized interest |
25 | 44 | 55 | 29 | 18 | 15 | ||||||||||||||||||
Distributed earnings of equity investees |
4 | 5 | 83 | 310 | 410 | 279 | ||||||||||||||||||
Less: (Earnings) losses of Equity method investees |
83 | 220 | (96 | ) | (191 | ) | (205 | ) | (386 | ) | ||||||||||||||
Noncontrolling interests in consolidated subsidiaries with no fixed charges |
(51 | ) | (67 | ) | 3 | (121 | ) | (144 | ) | (108 | ) | |||||||||||||
Total earnings |
$ | 1,914 | $ | 2,109 | $ | 5,062 | $ | 4,158 | $ | 4,515 | $ | 2,379 | ||||||||||||
Fixed Charges |
||||||||||||||||||||||||
Interest expensed (b) |
$ | 161 | $ | 326 | $ | 253 | $ | 243 | $ | 184 | $ | 211 | ||||||||||||
Interest capitalized |
2 | 6 | 7 | 50 | 100 | 80 | ||||||||||||||||||
Total interest incurred (including amortization of debt discount) |
163 | 332 | 260 | 293 | 284 | 291 | ||||||||||||||||||
Portion of rent expense representative of interest (c) |
29 | 59 | 67 | 63 | 62 | 59 | ||||||||||||||||||
Total fixed charges |
$ | 192 | $ | 391 | $ | 327 | $ | 356 | $ | 346 | $ | 350 | ||||||||||||
Ratio of Earnings to Fixed Charges |
10.0 | 5.4 | 15.5 | 11.7 | 13.0 | 6.8 | ||||||||||||||||||
(a) | Reflects the retrospective adoption of a new accounting standard for noncontrolling interests in consolidated subsidiaries. | |
(b) | Includes amortization of debt issue costs and discounts or premiums. Excludes letters of credit fees. | |
(c) | Represents managements estimate of the interest portion of rent expense. |