Attached files
| file | filename |
|---|---|
| EX-32.1 - EXHIBIT 32.1 - SM Energy Co | exhibit321906certification.htm |
| EX-31.2 - EXHIBIT 31.2 - SM Energy Co | exhibit312certificationwpu.htm |
| EX-31.1 - EXHIBIT 31.1 - SM Energy Co | exhibit311certificationjot.htm |
| EX-10.1 - EXHIBIT 10.1 - SM Energy Co | exhibit101psuawardagreemen.htm |
| 10-Q - 10-Q - SM Energy Co | sm-63018x10q.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, | ||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||
(in thousands, except ratios) | |||||||||||||||||||||||
Income (loss) before income taxes | $ | 432,688 | $ | (343,813 | ) | $ | (1,201,916 | ) | $ | (722,861 | ) | $ | 1,064,699 | $ | 278,611 | ||||||||
Fixed charges | 96,078 | 193,587 | 167,600 | 155,510 | 117,147 | 102,758 | |||||||||||||||||
Amortization of capitalized interest | 5,017 | 11,623 | 13,905 | 9,116 | 11,448 | 11,784 | |||||||||||||||||
Capitalized interest | (10,536 | ) | (12,607 | ) | (17,004 | ) | (25,051 | ) | (16,165 | ) | (10,952 | ) | |||||||||||
Earnings before fixed charges | $ | 523,247 | $ | (151,210 | ) | $ | (1,037,415 | ) | $ | (583,286 | ) | $ | 1,177,129 | $ | 382,201 | ||||||||
Fixed charges: | |||||||||||||||||||||||
Interest expense (1) | $ | 84,739 | $ | 179,257 | $ | 148,685 | $ | 128,149 | $ | 98,554 | $ | 89,711 | |||||||||||
Capitalized interest | 10,536 | 12,607 | 17,004 | 25,051 | 16,165 | 10,952 | |||||||||||||||||
Interest expense component of rent (2) | 803 | 1,723 | 1,911 | 2,310 | 2,428 | 2,095 | |||||||||||||||||
Total fixed charges | $ | 96,078 | $ | 193,587 | $ | 167,600 | $ | 155,510 | $ | 117,147 | $ | 102,758 | |||||||||||
Ratio of earnings to fixed charges | 5.4 | — | — | — | 10.0 | 3.7 | |||||||||||||||||
Insufficient coverage | $ | — | $ | 344,797 | $ | 1,205,015 | $ | 738,796 | $ | — | $ | — | |||||||||||
(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. |