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10-Q - 10-Q - BATTALION OIL CORPa2236313z10-q.htm
EX-32 - EX-32 - BATTALION OIL CORPa2236313zex-32.htm
EX-31.2 - EX-31.2 - BATTALION OIL CORPa2236313zex-31_2.htm
EX-31.1 - EX-31.1 - BATTALION OIL CORPa2236313zex-31_1.htm

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Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)

 
  Successor   Successor    
  Predecessor  
 
   
   
   
  Period from
September 10,
2016
through
December 31,
2016
   
  Period from
January 1,
2016
through
September 9,
2016
   
   
   
 
 
  Six Months
Ended
June 30,
   
   
   
   
   
 
 
   
   
  Year Ended December 31,  
 
  Year Ended
December 31,
2017
   
 
 
  2018   2017    
  2015   2014   2013  
 
   
 

Earnings:

                                                     

Income (loss) before income taxes

  $ (18,872 ) $ 221,529   $ 530,686   $ (474,449 )     $ 3,292   $ (1,913,535 ) $ 314,880   $ (1,380,378 )

Adjustments:

                                                     

Equity investment loss (income)

    (148 )   (416 )   (1,422 )   (9 )       152     171     (617 )   (97 )

Interest capitalized

                        (68,192 )   (113,009 )   (168,897 )   (203,993 )

Income (loss) before income taxes, as adjusted

  $ (19,020 ) $ 221,113   $ 529,264   $ (474,458 )     $ (64,748 ) $ (2,026,373 ) $ 145,366   $ (1,584,468 )

Fixed charges

    21,454     45,699     76,356     29,013         197,640     340,399     320,403     262,046  

Total earnings

  $ 2,434   $ 266,812   $ 605,620   $ (445,445 )     $ 132,892   $ (1,685,974 ) $ 465,769   $ (1,322,422 )

Fixed charges:

                                                     

Interest expense and amortization of finance costs

  $ 20,836   $ 45,052   $ 75,061   $ 28,553       $ 195,698   $ 337,554   $ 317,732   $ 259,159  

Rental expense representative of interest factor

    618     647     1,295     460         1,942     2,845     2,671     2,887  

Total fixed charges

  $ 21,454   $ 45,699   $ 76,356   $ 29,013       $ 197,640   $ 340,399   $ 320,403   $ 262,046  

Ratio of earnings to fixed charges

    (1)   5.8     7.9     (2)       (4)   (6)   1.5     (8)

Total fixed charges

  $ 21,454   $ 45,699   $ 76,356   $ 29,013       $ 197,640   $ 340,399   $ 320,403   $ 262,046  

Pre-tax preferred dividend requirements

        50,756     47,560     783         12,320     83,942     32,902     12,132  

Total fixed charges plus preference dividends

  $ 21,454   $ 96,455   $ 123,916   $ 29,796       $ 209,960   $ 424,341   $ 353,305   $ 274,178  

Ratio of earnings to combined fixed charges and preference dividends

    (1)   2.8     4.9     (3)       (5)   (7)   1.3     (8)

(1)
Due to the Company's "Loss before income taxes, as adjusted" for the six months ended June 30, 2018 the ratio coverage was less than 1:1. The Company must generate additional earnings of $19.0 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.



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Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)