EX-12 5 d95009ex12.txt COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12 DEVON ENERGY CORPORATION COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
YEARS DECEMBER 31, --------------------------------------- 2001 2000 1999 1998 1997 ---- ----- ---- ---- ---- (IN MILLIONS, EXCEPT RATIOS) EARNINGS: Earnings (loss) before income taxes $ 84 1,142 (199) (362) (340) Add fixed charges (see below) 225 161 124 59 55 ---- ----- ---- ---- ---- Adjusted earnings (loss) $309 1,303 (75) (303) (285) ==== ===== ==== ==== ==== FIXED CHARGES AND PREFERRED STOCK DIVIDENDS: Interest expense $220 155 109 43 41 Distributions on preferred securities of subsidiary -- -- 7 10 10 Estimated interest factor of operating lease payments 5 6 8 6 4 ---- ----- ---- ---- ---- Fixed charges 225 161 124 59 55 Preferred stock requirements, pre-tax 16 16 6 -- 6 ---- ----- ---- ---- ---- Combined fixed charges and preferred stock dividends $241 177 130 59 61 ==== ===== ==== ==== ==== Ratio of earnings to combined fixed charges and preferred stock dividends 1.28 7.39 NA NA NA ==== ===== ==== ==== ==== Insufficiency of earnings to cover combined fixed charges and preferred stock dividends NA NA 205 362 346 ==== ===== ==== ==== ====