Attached files
| file | filename |
|---|---|
| 10-Q - PDC ENERGY, INC. | petrodev10qq3.htm |
| EX-32.1 - SECTION 906 CERT - PDC ENERGY, INC. | ex321.htm |
| EX-31.2 - SECTION 302 CERT CFO - PDC ENERGY, INC. | ex312.htm |
| EX-31.1 - SECTION 302 CERT CEO - PDC ENERGY, INC. | ex311.htm |
| EX-23.1 - CONSENT OF PETROLEUM CONSULTANTS - PDC ENERGY, INC. | pdcex231.htm |
| EX-99.1 - REPORT OF PETROLEUM CONSULTANTS - PDC ENERGY, INC. | pdcex991.htm |
Exhibit 12.1
PETROLEUM DEVELOPMENT CORPORATION
(dba PDC Energy)
Statement of Computation of Ratio of Earnings to Fixed Charges
Nine Months Ended September 30, | Year Ended December 31, | |||||||||||||||||||||||
2010 | 2009 | 2008 (d) | 2007 (d) | 2006 (d) | 2005 (d) | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 38,763 | $ | (128,813 | ) | $ | 168,156 | $ | 42,590 | $ | 379,800 | $ | 51,918 | |||||||||||
Fixed charges (see below) | 24,265 | 38,710 | 31,583 | 12,796 | 4,187 | 317 | ||||||||||||||||||
Amortization of capitalized interest | 624 | 991 | 744 | 366 | 52 | — | ||||||||||||||||||
Interest capitalized | (258 | ) | (751 | ) | (2,618 | ) | (3,023 | ) | (1,620 | ) | — | |||||||||||||
Total adjusted earnings (loss) available for fixed charges | $ | 63,394 | $ | (89,863 | ) | $ | 197,865 | $ | 52,729 | $ | 382,419 | $ | 52,235 | |||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest and debt expense (a) | $ | 23,646 | $ | 37,208 | $ | 28,132 | $ | 9,279 | $ | 2,443 | $ | 217 | ||||||||||||
Interest capitalized | 258 | 751 | 2,618 | 3,023 | 1,620 | — | ||||||||||||||||||
Interest component of rental expense (b) | 361 | 751 | 833 | 494 | 124 | 100 | ||||||||||||||||||
Total fixed charges | $ | 24,265 | $ | 38,710 | $ | 31,583 | $ | 12,796 | $ | 4,187 | $ | 317 | ||||||||||||
Ratio of Earnings to Fixed Charges | 2.6x | — | (c) | 6.3x | 4.1x | 91.3x | 164.8x | |||||||||||||||||
______________
(a) | Represents interest expense on long-term debt and amortization of debt discount and issuance costs. |
(b) | Represents the portion of rental expense which we believe represents an interest component. |
(c) | For the year ended December 31, 2009, earnings were insufficient to cover total fixed charges by $128.6 million. |
(d) | Total adjusted earnings available for fixed charges for the years ended December 31, 2005 through 2008, have not been adjusted to reflect the divestiture of our Michigan asset group, such adjustments would not materially impact the ratio of earnings to fixed charges. |