Attached files
| file | filename |
|---|---|
| EX-5.1 - EXHIBIT 5.1 - HESS CORP | d267998dex51.htm |
| EX-4.2 - EXHIBIT 4.2 - HESS CORP | d267998dex42.htm |
| EX-4.1 - EXHIBIT 4.1 - HESS CORP | d267998dex41.htm |
| EX-1.1 - EXHIBIT 1.1 - HESS CORP | d267998dex11.htm |
| 8-K - FORM 8-K - HESS CORP | d267998d8k.htm |
Exhibit 12.1
HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
| SIX MONTHS ENDED JUNE 30, |
YEARS ENDED DECEMBER 31, | |||||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||
| Earnings |
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| Consolidated income / (loss) from continuing operations before income taxes |
$ | (1,512 | ) | $ | (4,258 | ) | $ | 2,436 | $ | 4,601 | $ | 3,337 | $ | 2,272 | ||||||||||
| Add: Fixed charges (excluding capitalized interest) |
205 | 425 | 374 | 488 | 517 | 499 | ||||||||||||||||||
| Add: Amortization of capitalized interest |
17 | 61 | 26 | 25 | 30 | 39 | ||||||||||||||||||
| Add: Distributed earnings of equity investees |
— | — | — | 3 | 11 | 9 | ||||||||||||||||||
| Less: (Earnings) / losses of equity investees |
— | 40 | 84 | (17 | ) | (12 | ) | 1,068 | ||||||||||||||||
| Less: Pretax noncontrolling interests in (income) loss of consolidated subsidiaries with no fixed charges |
— | — | — | (177 | ) | (23 | ) | (26 | ) | |||||||||||||||
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| Total earnings (deficit) |
$ | (1,290 | ) | $ | (3,732 | ) | $ | 2,920 | $ | 4,923 | $ | 3,860 | $ | 3,861 | ||||||||||
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| Fixed Charges |
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| Interest expense (a) |
$ | 170 | $ | 341 | $ | 323 | $ | 416 | $ | 429 | $ | 391 | ||||||||||||
| Interest capitalized |
29 | 45 | 76 | 60 | 28 | 13 | ||||||||||||||||||
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| Total interest incurred (including amortization of debt discount) |
199 | 386 | 399 | 476 | 457 | 404 | ||||||||||||||||||
| Portion of rent expense representative of interest (b) |
35 | 84 | 51 | 72 | 88 | 108 | ||||||||||||||||||
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| Total fixed charges |
$ | 234 | $ | 470 | $ | 450 | $ | 548 | $ | 545 | $ | 512 | ||||||||||||
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| Ratio of Earnings to Fixed Charges |
(d | ) | (c | ) | 6.5 | 9.0 | 7.1 | 7.5 | ||||||||||||||||
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| (a) | Includes amortization of debt issue costs and discounts or premiums, and excludes interest expense on FIN 48 liabilities included as a component of income tax expense. |
| (b) | Represents management’s estimate of the interest portion of rent expense. |
| (c) | The earnings to fixed charges ratio for 2015 was less than one. The deficiency to achieve a ratio of one was $4,202 million that is comprised of a deficit of $3,732 million and fixed charges of $470 million. |
| (d) | The earnings to fixed charges ratio for the six-months ended June 30, 2016 was less than one. The deficiency to achieve a ratio of one was $1,524 million that is comprised of a deficit of $1,290 million and fixed charges of $234 million. |