BATTALION OIL CORP - FORM 10-K - EX-12.1 - February 28, 2018

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10-K - 10-K - BATTALION OIL CORPa2234329z10-k.htm
EX-32 - EX-32 - BATTALION OIL CORPa2234329zex-32.htm
EX-10.22 - EX-10.22 - BATTALION OIL CORPa2234329zex-10_22.htm
EX-21.1 - EX-21.1 - BATTALION OIL CORPa2234329zex-21_1.htm
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EX-99.1 - EX-99.1 - BATTALION OIL CORPa2234329zex-99_1.htm
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EX-10.23 - EX-10.23 - BATTALION OIL CORPa2234329zex-10_23.htm
EX-31.2 - EX-31.2 - BATTALION OIL CORPa2234329zex-31_2.htm
EX-31.1 - EX-31.1 - BATTALION OIL CORPa2234329zex-31_1.htm
EX-23.1 - EX-23.1 - BATTALION OIL CORPa2234329zex-23_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    
   Predecessor  
 
    
   Period from
September 10,
2016 through
December 31,
2016 		   
   Period from
January 1,
2016 through
September 9,
2016 		   
    
    
  
 
    
    
   Years Ended December 31,  
 
   Year Ended
December 31,
2017 		   
  
 
    
   2015   2014   2013  
 
    
  

Earnings:

                                          

Income (loss) before income taxes

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

Adjustments:

                                          

Equity investment loss (income)

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

Interest capitalized

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

Income (loss) before income taxes, as adjusted

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

Fixed charges

     76,356     29,013         197,640     340,399     320,403     262,046  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total earnings

   $ 605,620   $ (445,445 )     $ 132,892   $ (1,685,974 ) $ 465,769   $ (1,322,422 )
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fixed charges:

                                          

Interest expense and amortization of finance costs

   $ 75,061   $ 28,553       $ 195,698   $ 337,554   $ 317,732   $ 259,159  

Rental expense representative of interest factor

     1,295     460         1,942     2,845     2,671     2,887  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 76,356   $ 29,013       $ 197,640   $ 340,399   $ 320,403   $ 262,046  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to fixed charges

     7.9     — (1)       — (3)   — (5)   1.5     — (7)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges

   $ 76,356   $ 29,013       $ 197,640   $ 340,399   $ 320,403   $ 262,046  

Pre-tax preferred dividend requirements

     47,560     783         12,320     83,942     32,902     12,132  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total fixed charges plus preference dividends

   $ 123,916   $ 29,796       $ 209,960   $ 424,341   $ 353,305   $ 274,178  
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Ratio of earnings to combined fixed charges and preference dividends

     4.9     — (2)       — (4)   — (6)   1.3     — (7)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Due to the Company's loss 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.

(2)
Due to the Company's loss 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.

(3)
Due to the Company's loss 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.

(4)
Due to the Company's loss 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.

(5)
Due to the Company's "Loss before income taxes, as adjusted" in 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $2.0 billion to achieve coverage ratio of 1:1.

(6)
Due to the Company's "Loss before income taxes, as adjusted" in 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $2.1 billion to achieve coverage ratio of 1:1.

(7)
Due to the Company's "Loss before income taxes, as adjusted" in 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)

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