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EX-32 - EX-32 - BATTALION OIL CORP | a2226391zex-32.htm |
EX-31.1 - EX-31.1 - BATTALION OIL CORP | a2226391zex-31_1.htm |
EX-31.2 - EX-31.2 - BATTALION OIL CORP | a2226391zex-31_2.htm |
10-Q - 10-Q - BATTALION OIL CORP | a2226391z10-q.htm |
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Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)
|
Nine Months Ended September 30, |
Years Ended December 31, | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2015 | 2014 | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Earnings: |
||||||||||||||||||||||
Income (loss) before income taxes |
$ | (1,522,954 | ) | $ | 55,899 | $ | 314,880 | $ | (1,380,378 | ) | $ | (67,066 | ) | $ | 5,399 | $ | 3,412 | |||||
Adjustments: |
||||||||||||||||||||||
Equity investment (income) loss |
218 | (651 | ) | (617 | ) | (97 | ) | (373 | ) | | | |||||||||||
Interest capitalized |
(80,262 | ) | (129,487 | ) | (168,897 | ) | (203,993 | ) | (53,492 | ) | | | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes, as adjusted |
$ | (1,602,998 | ) | $ | (74,239 | ) | $ | 145,366 | $ | (1,584,468 | ) | $ | (120,931 | ) | $ | 5,399 | $ | 3,412 | ||||
Fixed charges |
257,041 | 239,453 | 320,403 | 262,046 | 86,589 | 17,808 | 23,087 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total earnings |
$ | (1,345,957 | ) | $ | 165,214 | $ | 465,769 | $ | (1,322,422 | ) | $ | (34,342 | ) | $ | 23,207 | $ | 26,499 | |||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Fixed charges: |
||||||||||||||||||||||
Interest expense and amortization of finance costs |
$ | 254,928 | $ | 237,485 | $ | 317,732 | $ | 259,159 | $ | 85,372 | $ | 17,373 | $ | 22,655 | ||||||||
Rental expense representative of interest factor |
2,113 | 1,968 | 2,671 | 2,887 | 1,217 | 435 | 432 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges |
$ | 257,041 | $ | 239,453 | $ | 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 |
$ | 257,041 | $ | 239,453 | $ | 320,403 | $ | 262,046 | $ | 86,589 | $ | 17,808 | $ | 23,087 | ||||||||
Pre-tax preferred dividend requirements |
52,852 |
21,108 |
32,902 |
12,132 |
110,075 |
|
|
|||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges plus preference dividends |
$ | 309,893 | $ | 260,561 | $ | 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 nine months ended September 30, 2015, 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.
- (2)
- Due to the Company's "Loss before income taxes, as adjusted" for the nine months ended September 30, 2015, the ratio coverage
was less than 1:1. The Company must generate additional earnings of $1.7 billion to achieve a coverage ratio of 1:1.
- (3)
- Due to the Company's "Loss before income taxes, as adjusted" for the nine months ended September 30, 2014, the ratio coverage
was less than 1:1. The Company must generate additional earnings of $74.2 million to achieve a coverage ratio of 1:1.
- (4)
- Due to the Company's "Loss before income taxes, as adjusted" for the nine months ended September 30, 2014, the ratio coverage
was less than 1:1. The Company must generate additional earnings of $95.3 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.
Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)