EX-12.1 9 d94335ex12-1.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 DEVON ENERGY CORPORATION STATEMENTS OF COMPUTATION OF RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
NINE MONTHS YEARS ENDED DECEMBER 31, ENDED ------------------------ SEPTEMBER 30, 2001 2000 1999 ------------------ ---------- ---------- (In Thousands, Except Ratios) EARNINGS: Earnings (loss) before income taxes 956,907 1,141,980 (199,378) Add fixed charges (see below) 108,389 160,517 124,514 ------------------ ---------- ---------- Adjusted earnings (loss) 1,065,296 1,302,497 (74,864) ================== ========== ========== FIXED CHARGES AND PREFERRED STOCK DIVIDENDS: Interest expense 104,825 154,329 109,613 Distributions on preferred securities of subsidiary trust -- -- 6,884 Amortization of costs incurred in connection with the offering of the preferred securities of subsidiary trust -- -- 148 Estimated interest component of operating lease payments 3,564 6,188 7,869 ------------------ ---------- ---------- Fixed charges 108,389 160,517 124,514 Preferred stock requirements, pre-tax 11,776 15,702 5,889 ------------------ ---------- ---------- Combined fixed charges and preferred stock dividends 120,165 176,219 130,403 ================== ========== ========== Ratio of earnings to combined fixed charges and preferred stock dividends 8.87 7.39 NA ================== ========== Insufficiency of earnings to cover combined fixed charges and preferred stock dividends NA NA 205,267 ==========
YEARS ENDED DECEMBER 31, -------------------------------------- 1998 1997 1996 ---------- ---------- ---------- (In Thousands, Except Ratios) EARNINGS: Earnings (loss) before income taxes (361,992) (340,233) 247,689 Add fixed charges (see below) 59,272 55,279 55,916 ---------- ---------- ---------- Adjusted earnings (loss) (302,720) (284,954) 303,605 ========== ========== ========== FIXED CHARGES AND PREFERRED STOCK DIVIDENDS: Interest expense 43,532 41,488 48,762 Distributions on preferred securities of subsidiary trust 9,717 9,717 4,753 Amortization of costs incurred in connection with the offering of the preferred securities of subsidiary trust 240 269 82 Estimated interest component of operating lease payments 5,783 3,805 2,319 ---------- ---------- ---------- Fixed charges 59,272 55,279 55,916 Preferred stock requirements, pre-tax -- 5,800 21,800 ---------- ---------- ---------- Combined fixed charges and preferred stock dividends 59,272 61,079 77,716 ========== ========== ========== Ratio of earnings to combined fixed charges and preferred stock dividends NA NA 3.91 ========== Insufficiency of earnings to cover combined fixed charges and preferred stock dividends 361,992 346,033 NA ========== ==========