ROAN RESOURCES, INC. - FORM 10-K - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - March 15, 2016

Attached files

file filename
EX-10.55 - EXECUTIVE INCENTIVE PLAN - ROAN RESOURCES, INC.ex1055linnenergyexecutivei.htm
EX-31.2 - CERTIFICATION OF CFO SECTION 302 - ROAN RESOURCES, INC.yeexhibit312-q42015.htm
EX-31.1 - CERTIFICATION OF CEO SECTION 302 - ROAN RESOURCES, INC.yeexhibit311-q42015.htm
EX-32.2 - CERTIFICATION OF CFO SECTION 906 - ROAN RESOURCES, INC.yeexhibit322-q42015.htm
EX-32.1 - CERTIFICATION OF CEO SECTION 906 - ROAN RESOURCES, INC.yeexhibit321-q42015.htm
EX-10.54 - SEVERANCE PLAN - ROAN RESOURCES, INC.ex1054linnenergyseverancep.htm
EX-10.59 - FORM OF CLAWBACK AGREEMENT - ROAN RESOURCES, INC.ex1059linn-clawbackagreeme.htm
EX-10.53 - AMENDED AND RESTATED CHANGE OF CONTROL PROTECTION PLAN - ROAN RESOURCES, INC.ex10532016linnenergychange.htm
EX-99.1 - 2015 REPORT OF DEGOLYER AND MACNAUGHTON - ROAN RESOURCES, INC.exhibit991linnenergy2015ye.htm
10-K - FORM 10-K 2015 - ROAN RESOURCES, INC.linnform10-k2015.htm
EX-23.2 - CONSENT OF DEGOLYER AND MACNAUGHTON - ROAN RESOURCES, INC.exhibit232-q42015.htm
EX-23.1 - CONSENT OF KPMG LLP - ROAN RESOURCES, INC.exhibit231-q42015.htm
EX-21.1 - SIGNIFICANT SUBSIDIARIES - ROAN RESOURCES, INC.exhibit211-q42015.htm

Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Year Ended December 31,
 
 
2015
 
2014
 
2013
 
2012
 
2011
 
 
(dollars in thousands)
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes and adjustment for income (loss) from equity investees
$
(4,766,272
)
 
$
(447,372
)
 
$
(693,536
)
 
$
(383,826
)
 
$
443,905

 
(Income) loss from equity investees
(685
)
 
(140
)
 
(969
)
 
(1,497
)
 
188

 
Income (loss) from continuing operations before income taxes but after adjustment for (income) loss from equity investees
(4,766,957
)
 
(447,512
)
 
(694,505
)
 
(385,323
)
 
444,093

 
Fixed charges
552,719

 
598,198

 
423,662

 
382,751

 
261,976

 
Distributed income of equity investees
500

 
—

 
300

 
1,265

 
900

 
Capitalized interest
(4,818
)
 
(9,393
)
 
(2,060
)
 
(2,326
)
 
(1,868
)
 
Total earnings available for fixed charges
$
(4,218,556
)
 
$
141,293

 
$
(272,603
)
 
$
(3,633
)
 
$
705,101

 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
$
546,453

 
$
587,838

 
$
421,137

 
$
379,937

 
$
259,725

 
Capitalized interest
4,818

 
9,393

 
2,060

 
2,326

 
1,868

 
Interest portion of rental expense
1,448

 
967

 
465

 
488

 
383

 
Total fixed charges
$
552,719

 
$
598,198

 
$
423,662

 
$
382,751

 
$
261,976

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
—

(1) 
—

(1) 
—

(1) 
—

(1) 
2.69

(1) 
(1) 
Earnings for the year ended December 31, 2015, were insufficient to cover fixed charges by approximately $4.8 billion, primarily due to noncash impairment charges of approximately $5.8 billion associated with oil and natural gas properties primarily related to a decline in commodity prices, changes in expected capital development and a decline in the Company’s estimates of proved reserves. Earnings for the year ended December 31, 2014, were insufficient to cover fixed charges by approximately $457 million, primarily due to noncash impairment charges of approximately $2.3 billion associated with proved oil and natural gas properties primarily related to a decline in commodity prices. Earnings for the year ended December 31, 2013, were insufficient to cover fixed charges by approximately $696 million, primarily due to noncash impairment charges of approximately $791 million associated with proved oil and natural gas properties in the Granite Wash formation related to asset performance resulting in reserve revisions and a decline in commodity prices as well as approximately $37 million associated with the write-down of the carrying value of the Panther Operated Cleveland Properties sold in May 2013. Earnings for the year ended December 31, 2012, were insufficient to cover fixed charges by approximately $386 million, primarily due to noncash impairment charges of approximately $422 million associated with proved oil and natural gas properties related to the SEC five-year development limitation on PUDs and a decline in commodity prices and approximately $278 million associated with changes in fair value on unsettled derivative contracts.

ROAN RESOURCES, INC. Reports