Attached files
| file | filename |
|---|---|
| EX-32.1 - EXHIBIT 32.1 - SM Energy Co | sm-321906certifications630.htm |
| EX-31.2 - EXHIBIT 31.2 - SM Energy Co | sm-312certificationwpursel.htm |
| EX-31.1 - EXHIBIT 31.1 - SM Energy Co | sm-311certificationjottoso.htm |
| 10-Q - 10-Q - SM Energy Co | sm-6302017x10q.htm |
EXHIBIT 12.1
SM ENERGY COMPANY AND SUBSIDIARIES
RATIO OF EARNINGS TO FIXED CHARGES
For the Six Months Ended June 30, | For the Years Ended December 31, | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||
(in thousands, except ratios) | |||||||||||||||||||||||
Income (loss) before income taxes | $ | (72,028 | ) | $ | (1,201,916 | ) | $ | (722,861 | ) | $ | 1,064,699 | $ | 278,611 | $ | (83,517 | ) | |||||||
Add: Fixed charges | 97,609 | 167,600 | 155,510 | 117,147 | 102,758 | 77,841 | |||||||||||||||||
Add: Amortization of capitalized interest | 6,497 | 13,905 | 9,116 | 11,448 | 11,784 | 9,095 | |||||||||||||||||
Less: Capitalized interest | (5,112 | ) | (17,004 | ) | (25,051 | ) | (16,165 | ) | (10,952 | ) | (12,135 | ) | |||||||||||
Earnings before fixed charges | $ | 26,966 | $ | (1,037,415 | ) | $ | (583,286 | ) | $ | 1,177,129 | $ | 382,201 | $ | (8,716 | ) | ||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense (1) | $ | 91,548 | $ | 148,685 | $ | 128,149 | $ | 98,554 | $ | 89,711 | $ | 63,720 | |||||||||||
Capitalized interest | 5,112 | 17,004 | 25,051 | 16,165 | 10,952 | 12,135 | |||||||||||||||||
Interest expense component of rent (2) | 949 | 1,911 | 2,310 | 2,428 | 2,095 | 1,986 | |||||||||||||||||
Total fixed charges | $ | 97,609 | $ | 167,600 | $ | 155,510 | $ | 117,147 | $ | 102,758 | $ | 77,841 | |||||||||||
Ratio of earnings to fixed charges | 0.3 | — | — | 10.0 | 3.7 | — | |||||||||||||||||
Insufficient coverage | $ | 70,643 | $ | 1,205,015 | $ | 738,796 | $ | — | $ | — | $ | 86,557 | |||||||||||
(1) | Includes amortization of deferred financing costs and debt discount. Interest expense for the year ended December 31, 2016, excludes the $10.0 million paid to terminate a second lien facility that was no longer necessary to fund acquisition activity. |
(2) | Represents a reasonable approximation of the portion of rental expense assumed to be attributable to the interest factor. |