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EXCEL - IDEA: XBRL DOCUMENT - BATTALION OIL CORPFinancial_Report.xls
10-Q - 10-Q - BATTALION OIL CORPa2224518z10-q.htm
EX-32 - EX-32 - BATTALION OIL CORPa2224518zex-32.htm
EX-31.2 - EX-31.2 - BATTALION OIL CORPa2224518zex-31_2.htm
EX-31.1 - EX-31.1 - BATTALION OIL CORPa2224518zex-31_1.htm

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Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)

 
  Three Months Ended March 31,   Years Ended December 31,  
 
  2015   2014   2014   2013   2012   2011   2010  

Earnings:

                                           

Income (loss) before income taxes

  $ (587,728 ) $ (72,964 ) $ 314,880   $ (1,380,378 ) $ (67,066 ) $ 5,399   $ 3,412  

Adjustments:

                                           

Equity investment (income) loss

    (6 )   (831 )   (617 )   (97 )   (373 )        

Interest capitalized

    (24,741 )   (46,816 )   (168,897 )   (203,993 )   (53,492 )        

Income (loss) before income taxes, as adjusted

  $ (612,475 ) $ (120,611 ) $ 145,366   $ (1,584,468 ) $ (120,931 ) $ 5,399   $ 3,412  

Fixed charges

    84,405     79,275     320,403     262,046     86,589     17,808     23,087  

Total earnings

  $ (528,070 ) $ (41,336 ) $ 465,769   $ (1,322,422 ) $ (34,342 ) $ 23,207   $ 26,499  

Fixed charges:

                                           

Interest expense and amortization of finance costs

  $ 83,740   $ 78,654   $ 317,732   $ 259,159   $ 85,372   $ 17,373   $ 22,655  

Rental expense representative of interest factor

    665     621     2,671     2,887     1,217     435     432  

Total fixed charges

  $ 84,405   $ 79,275   $ 320,403   $ 262,046   $ 86,589   $ 17,808   $ 23,087  

Ratio of earnings to fixed charges

    (1)   (3)   1.5     (5)   (6)   1.3     1.1  

Total fixed charges

  $ 84,405   $ 79,275   $ 320,403   $ 262,046   $ 86,589   $ 17,808   $ 23,087  

Pre-tax preferred dividend requirements

    13,554     4,959     32,902     12,132     110,075          

Total fixed charges plus preference dividends

  $ 97,959   $ 84,234   $ 353,305   $ 274,178   $ 196,664   $ 17,808   $ 23,087  

Ratio of earnings to combined fixed charges and preference dividends

    (2)   (4)   1.3     (5)   (7)   1.3     1.1  

(1)
Due to the Company's "Loss before income taxes, as adjusted" for the three months ended March 31, 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $612.5 million to achieve a coverage ratio of 1:1.

(2)
Due to the Company's "Loss before income taxes, as adjusted" for the three months ended March 31, 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $626.0 million to achieve a coverage ratio of 1:1.

(3)
Due to the Company's "Loss before income taxes, as adjusted" for the three months ended March 31, 2014, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.6 million to achieve a coverage ratio of 1:1.

(4)
Due to the Company's "Loss before income taxes, as adjusted" for the three months ended March 31, 2014, the ratio coverage was less than 1:1. The Company must generate additional earnings of $125.6 million to achieve a coverage ratio of 1:1.

(5)
Due to the Company's "Loss before income taxes, as adjusted" in 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.6 billion to achieve a coverage ratio of 1:1.

(6)
Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.9 million to achieve a coverage ratio of 1:1.

(7)
Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $231.0 million to achieve a coverage ratio of 1:1.

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Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)