Attached files
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EX-32 - EX-32 - BATTALION OIL CORP | a2232782zex-32.htm |
EX-31.2 - EX-31.2 - BATTALION OIL CORP | a2232782zex-31_2.htm |
EX-31.1 - EX-31.1 - BATTALION OIL CORP | a2232782zex-31_1.htm |
10-Q - 10-Q - BATTALION OIL CORP | a2232782z10-q.htm |
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Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)
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Successor |
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Predecessor | Successor |
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Predecessor | |||||||||||||||||||||||
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Six Months Ended June 30, 2017 |
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Six Months Ended June 30, 2016 |
Period from September 10, 2016 through December 31, 2016 |
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Period from January 1, 2016 through September 9, 2016 |
Year Ended December 31, | ||||||||||||||||||||||
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2015 | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Earnings: |
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Income (loss) before income taxes |
$ | 221,529 | $ | (914,302 | ) | $ | (474,449 | ) | $ | 3,292 | $ | (1,913,535 | ) | $ | 314,880 | $ | (1,380,378 | ) | $ | (67,066 | ) | ||||||||
Adjustments: |
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Equity investment loss (income) |
(416 | ) | 141 | (9 | ) | 152 | 171 | (617 | ) | (97 | ) | (373 | ) | ||||||||||||||||
Interest capitalized |
| (52,944 | ) | | (68,192 | ) | (113,009 | ) | (168,897 | ) | (203,993 | ) | (53,492 | ) | |||||||||||||||
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Income (loss) before income taxes, as adjusted |
$ | 221,113 | $ | (967,105 | ) | $ | (474,458 | ) | $ | (64,748 | ) | $ | (2,026,373 | ) | $ | 145,366 | $ | (1,584,468 | ) | $ | (120,931 | ) | |||||||
Fixed charges |
45,699 | 157,530 | 29,013 | 197,640 | 340,399 | 320,403 | 262,046 | 86,589 | |||||||||||||||||||||
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Total earnings |
$ | 266,812 | $ | (809,575 | ) | $ | (445,445 | ) | $ | 132,892 | $ | (1,685,974 | ) | $ | 465,769 | $ | (1,322,422 | ) | $ | (34,342 | ) | ||||||||
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Fixed charges: |
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Interest expense and amortization of finance costs |
$ | 45,052 | $ | 156,096 | $ | 28,553 | $ | 195,698 | $ | 337,554 | $ | 317,732 | $ | 259,159 | $ | 85,372 | |||||||||||||
Rental expense representative of interest factor |
647 | 1,434 | 460 | 1,942 | 2,845 | 2,671 | 2,887 | 1,217 | |||||||||||||||||||||
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Total fixed charges |
$ | 45,699 | $ | 157,530 | $ | 29,013 | $ | 197,640 | $ | 340,399 | $ | 320,403 | $ | 262,046 | $ | 86,589 | |||||||||||||
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Ratio of earnings to fixed charges |
5.8 | | (1) | | (3) | | (5) | | (7) | 1.5 | | (9) | | (10) | |||||||||||||||
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Total fixed charges |
$ | 45,699 | $ | 157,530 | $ | 29,013 | $ | 197,640 | $ | 340,399 | $ | 320,403 | $ | 262,046 | $ | 86,589 | |||||||||||||
Pre-tax preferred dividend requirements |
50,756 | 34,913 | 783 | 12,320 | 83,942 | 32,902 | 12,132 | 110,075 | |||||||||||||||||||||
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Total fixed charges plus preference dividends |
$ | 96,455 | $ | 192,443 | $ | 29,796 | $ | 209,960 | $ | 424,341 | $ | 353,305 | $ | 274,178 | $ | 196,664 | |||||||||||||
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Ratio of earnings to combined fixed charges and |
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preference dividends |
2.8 | | (2) | | (4) | | (6) | | (8) | 1.3 | | (9) | | (11) | |||||||||||||||
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- (1)
- Due to the Company's "Loss before income taxes, as adjusted" for the six months ended June 30, 2016 the ratio coverage was less than 1:1. The Company must
generate additional earnings of $967.1 million to achieve a coverage ratio of 1:1.
- (2)
- Due to the Company's "Loss before income taxes, as adjusted" for the six months ended June 30, 2016 the ratio coverage was less than 1:1. The Company must
generate additional earnings of $1.0 billion to achieve a coverage ratio of 1:1.
- (3)
- Due to the Company's "Loss before income taxes, as adjusted" for the period from September 10, 2016 through December 31, 2016 the ratio coverage was
less than 1:1. The Company must generate additional earnings of $474.5 million to achieve a coverage ratio of 1:1.
- (4)
- Due to the Company's "Loss before income taxes, as adjusted" for the period from September 10, 2016 through December 31, 2016 the ratio coverage was
less than 1:1. The Company must generate additional earnings of $475.2 million to achieve a coverage ratio of 1:1.
- (5)
- Due to the Company's "Loss before income taxes, as adjusted" for the period from January 1, 2016 through September 9, 2016 the ratio coverage was less
than 1:1. The Company must generate additional earnings of $64.7 million to achieve a coverage ratio of 1:1.
- (6)
- Due to the Company's "Loss before income taxes, as adjusted" for the period from January 1, 2016 through September 9, 2016 the ratio coverage was less
than 1:1. The Company must generate additional earnings of $77.1 million to achieve a coverage ratio of 1:1.
- (7)
- Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 2015, the ratio coverage was less than 1:1. The Company must
generate additional earnings of $2.0 billion to achieve a coverage ratio of 1:1.
- (8)
- Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 2015, the ratio coverage was less than 1:1. The Company must
generate additional earnings of $2.1 billion to achieve a coverage ratio of 1:1.
- (9)
- Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 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.
- (10)
- Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 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.
- (11)
- Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 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)