EX-12.1 3 a2235900zex-12_1.htm EX-12.1
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Exhibit 12.1

PDC ENERGY, INC.
Statement of Computation of Ratio of Earnings to Fixed Charges

 
   Three Months
Ended
March 31, 		  Year Ended December 31,  
 
   2018   2017   2016   2015   2014   2013  
 
   (dollars in thousands)
  

Earnings

                                      

Income (loss) from continuing operations before income taxes

   $ (17,705 ) $ (339,432 ) $ (393,123 ) $ (106,588 ) $ 177,228   $ (32,963 )

Fixed charges (see below)

     21,849     89,434     69,840     55,844     53,512     54,002  

Amortization of capitalized interest

     675     3,190     3,463     2,486     1,379     1,096  

Interest capitalized

     (2,018 )   (5,049 )   (4,489 )   (5,060 )   (3,468 )   (1,709 )
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Total adjusted earnings (loss) available for fixed charges

   $ 2,801   $ (251,857 ) $ (324,309 ) $ (53,318 ) $ 228,651   $ 20,426  
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Fixed Charges

                                      

Interest and debt expense(a)

   $ 17,529   $ 78,694   $ 61,972   $ 47,571   $ 47,842   $ 50,143  

Interest capitalized

     2,018     5,049     4,489     5,060     3,468     1,709  

Interest component of rental expense(b)

     2,302     5,691     3,379     3,213     2,202     2,150  
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Total fixed charges

   $ 21,849   $ 89,434   $ 69,840   $ 55,844   $ 53,512   $ 54,002  
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Ratio of Earnings to Fixed Charges

     — (c)   — (c)   — (c)   — (c)   4.3x     — (c)
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(a)
Represents interest expense on long-term debt and amortization of debt discount and issuance costs.

(b)
Represents the portion of rental expense which we believe represents an interest component.

(c)
For the three months ended March 31, 2018 and the years ended December 31, 2017, 2016, 2015, and 2013, earnings were insufficient to cover total fixed charges by $19.0 million, $341.3 million, $394.1 million, $109.2 million, and $33.6 million, respectively.



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PDC ENERGY, INC. Statement of Computation of Ratio of Earnings to Fixed Charges