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EX-32 - EX-32 - BATTALION OIL CORP | a2235463zex-32.htm |
EX-31.2 - EX-31.2 - BATTALION OIL CORP | a2235463zex-31_2.htm |
EX-31.1 - EX-31.1 - BATTALION OIL CORP | a2235463zex-31_1.htm |
EX-10.2 - EX-10.2 - BATTALION OIL CORP | a2235463zex-10_2.htm |
EX-10.1.2 - EX-10.1.2 - BATTALION OIL CORP | a2235463zex-10_12.htm |
10-Q - 10-Q - BATTALION OIL CORP | a2235463z10-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 | |
Predecessor | ||||||||||||||||||||||||
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Three Months Ended March 31, |
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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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Year Ended December 31, 2017 |
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2018 | 2017 |
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2015 | 2014 | 2013 | |||||||||||||||||||||
Earnings: |
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Income (loss) before income taxes |
$ | (2,598 | ) | $ | 201,352 | $ | 530,686 | $ | (474,449 | ) | $ | 3,292 | $ | (1,913,535 | ) | $ | 314,880 | $ | (1,380,378 | ) | |||||||
Adjustments: |
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Equity investment loss (income) |
(148 | ) | (316 | ) | (1,422 | ) | (9 | ) | 152 | 171 | (617 | ) | (97 | ) | |||||||||||||
Interest capitalized |
| | | | (68,192 | ) | (113,009 | ) | (168,897 | ) | (203,993 | ) | |||||||||||||||
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Income (loss) before income taxes, as adjusted |
$ | (2,746 | ) | $ | 201,036 | $ | 529,264 | $ | (474,458 | ) | $ | (64,748 | ) | $ | (2,026,373 | ) | $ | 145,366 | $ | (1,584,468 | ) | ||||||
Fixed charges |
9,925 | 25,512 | 76,356 | 29,013 | 197,640 | 340,399 | 320,403 | 262,046 | |||||||||||||||||||
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Total earnings |
$ | 7,179 | $ | 226,548 | $ | 605,620 | $ | (445,445 | ) | $ | 132,892 | $ | (1,685,974 | ) | $ | 465,769 | $ | (1,322,422 | ) | ||||||||
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Fixed charges: |
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Interest expense and amortization of finance costs |
$ | 9,602 | $ | 25,191 | $ | 75,061 | $ | 28,553 | $ | 195,698 | $ | 337,554 | $ | 317,732 | $ | 259,159 | |||||||||||
Rental expense representative of interest factor |
323 | 321 | 1,295 | 460 | 1,942 | 2,845 | 2,671 | 2,887 | |||||||||||||||||||
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Total fixed charges |
$ | 9,925 | $ | 25,512 | $ | 76,356 | $ | 29,013 | $ | 197,640 | $ | 340,399 | $ | 320,403 | $ | 262,046 | |||||||||||
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Ratio of earnings to fixed charges |
| (1) | 8.9 | 7.9 | | (2) | | (4) | | (6) | 1.5 | | (8) | ||||||||||||||
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Total fixed charges |
$ | 9,925 | $ | 25,512 | $ | 76,356 | $ | 29,013 | $ | 197,640 | $ | 340,399 | $ | 320,403 | $ | 262,046 | |||||||||||
Pre-tax preferred dividend requirements |
| 852 | 47,560 | 783 | 12,320 | 83,942 | 32,902 | 12,132 | |||||||||||||||||||
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Total fixed charges plus preference dividends |
$ | 9,925 | $ | 26,364 | $ | 123,916 | $ | 29,796 | $ | 209,960 | $ | 424,341 | $ | 353,305 | $ | 274,178 | |||||||||||
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Ratio of earnings to combined fixed charges and preference dividends |
| (1) | 8.6 | 4.9 | | (3) | | (5) | | (7) | 1.3 | | (8) | ||||||||||||||
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- (1)
- Due to the Company's "Loss before income taxes, as adjusted" for the three months ended March 31, 2018 the ratio coverage was less than
1:1. The Company must generate additional earnings of $2.7 million to achieve a coverage ratio of 1:1.
- (2)
- 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.
- (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 $475.2 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 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.
- (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 $77.1 million to achieve a coverage ratio of 1:1.
- (6)
- 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.
- (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 $2.1 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, 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.
1
Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)