PIONEER NATURAL RESOURCES CO - FORM 10-Q - EX-12.1 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - November 4, 2014

Attached files

file	filename
EXCEL - IDEA: XBRL DOCUMENT - PIONEER NATURAL RESOURCES CO	Financial_Report.xls
EX-32.1 - CHIEF EXECUTIVE OFFICER CERTIFICATION UNDER SECTION 906 - PIONEER NATURAL RESOURCES CO	pxd-exx32120140930.htm
EX-10.4 - PIONEER NATURAL RESOURCES COMPANY SEVERANCE AGREEMENT - PIONEER NATURAL RESOURCES CO	exhibit104-q3severancekshe.htm
EX-10.3 - PIONEER NATURAL RESOURCES COMPANY INDEMNIFICATION AGREEMENT - PIONEER NATURAL RESOURCES CO	exhibit103-q3indemjoeyhall.htm
EX-10.1 - PIONEER NATURAL RESOURCES COMPANY SEVERANCE AGREEMENT - PIONEER NATURAL RESOURCES CO	exhibit101-q3severancejoey.htm
EX-31.2 - CHIEF FINANCIAL OFFICER CERTIFICATION UNDER SECTION 302 - PIONEER NATURAL RESOURCES CO	pxd-exx31220140930.htm
EX-10.2 - PIONEER NATURAL RESOURCES COMPANY CHANGE IN CONTROL AGREEMENT - PIONEER NATURAL RESOURCES CO	exhibit102-q3cicjoeyhallws.htm
EX-32.2 - CHIEF FINANCIAL OFFICER CERTIFICATION UNDER SECTION 906 - PIONEER NATURAL RESOURCES CO	pxd-exx32220140930.htm
EX-10.5 - PIONEER NATURAL RESOURCES COMPANY SEVERANCE AGREEMENT AMENDMENT - PIONEER NATURAL RESOURCES CO	exhibit105-q3severanceamen.htm
EX-95.1 - MINE SAFETY DISCLOSURE - PIONEER NATURAL RESOURCES CO	pxd-exx95120140930.htm
10-Q - 10-Q - PIONEER NATURAL RESOURCES CO	pxd-20140930.htm
EX-31.1 - CHIEF EXECUTIVE OFFICER CERTIFICATION UNDER SECTION 302 - PIONEER NATURAL RESOURCES CO	pxd-exx31120140930.htm

EXHIBIT 12.1



RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table sets forth the Company's ratios of consolidated earnings to fixed charges and earnings to fixed charges and preferred stock dividends for the periods presented:



		Nine Months Ended		Year ended December 31,
		September 30, 2014		2013		2012		2011		2010		2009
Ratio of earnings to fixed charges (a)		7.69		(b)		4.52		3.49		4.57		(c)

Ratio of earnings to fixed charges and preferred stock (d)		7.69		(b)		4.52		3.49		4.57		(c)

____________________



(a)	The ratio has been computed by dividing earnings by fixed charges. For purposes of computing the ratio:

	- earnings consist of income from continuing operations before income taxes, cumulative effect of change in accounting principle, adjustments for net income or loss attributable to the noncontrolling interest and the Company's share of investee's income or loss accounted for under the equity method, and adjustment for capitalized interest, plus fixed charges and the Company's share of distributed income from investees accounted for under the equity method; and

	- fixed charges consist of interest expense, capitalized interest and the portion of rental expense deemed to be representative of the interest component of rental expense.

(b)	The ratio indicates a less than one-to-one coverage because the earnings are inadequate to cover the fixed charges during the year ended December 31, 2013 by $606 million.

(c)	The ratio indicates a less than one-to-one coverage because the earnings are inadequate to cover the fixed charges during the year ended December 31, 2009 by $347 million.

(d)	The ratio has been computed by dividing earnings by fixed charges and preferred stock dividends. For purposes of computing the ratio:

	- earnings consist of income from continuing operations before income taxes, cumulative effect of change in accounting principle, adjustments for net income or loss attributable to the noncontrolling interest and the Company's share of investee's income or loss accounted for under the equity method, and adjustment for capitalized interest, plus fixed charges, the Company's share of distributed income from investees accounted for under the equity method and preferred stock dividends, net of preferred stock dividends of a consolidated subsidiary; and

	- fixed charges and preferred stock dividends consist of interest expense, capitalized interest and the portion of rental expense deemed to be representative of the interest component of rental expense, preferred stock dividends of a consolidated subsidiary and preferred stock dividends.