EX-12.1 5 dex121.txt CALCULATION OF FIXED CHARGE EXHIBIT 12.1
MISSION RESOURCES CORPORATION - CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES (dollars in millions) Year ended Six Months Year ended June 30, ended December 31, ----------------- December 31, ------------------- 1996 1997 1997 1998 1999 ------------------------------------------------------------------- EARNINGS Pre-tax income (loss) from continuing operations 982 4,645 3,548 (77,251) 8,813 Income tax expense 46 2,585 2,114 (6,069) (3,154) Impairment expense - - - 73,899 - Mining venture expense - - - - - Fixed charges 1,657 4,477 5,978 11,660 11,845 Totals earnings available for fixed charges 2,685 11,707 11,640 2,239 17,504 FIXED CHARGES Interest and debt expense 1,579 4,034 5,631 10,825 11,014 Amortized debt issuance costs and discounts 78 443 347 835 831 Total fixed charges 1,657 4,477 5,978 11,660 11,845 RATIO OF EARNINGS TO FIXED CHARGES 1.6 2.6 1.9 0.2 1.5 Mission Resources Three months ended Pro forma March 31, Year Ended year ended -------------------------------------- December 31, December 31, Bellwether- Mission Resources 2000 2000 Historical Pro forma ------------------------------------------------------------------------ EARNINGS Pre-tax income (loss) from continuing operations 32,208 41,837 6,396 9,678.00 Income tax expense (12,222) (5,064) 3,473 5,799.00 Impairment expense - - - - Mining venture expense - - 779 - Fixed charges 15,375 41,302 3,737 7,885.00 Totals earnings available for fixed charges 35,361 78,075 14,385 23,362.00 FIXED CHARGES Interest and debt expense 14,816 39,865 3,510 7,527 Amortized debt issuance costs and discounts 559 1,437 227 358 Total fixed charges 15,375 41,302 3,737 7,885 RATIO OF EARNINGS TO FIXED CHARGES 2.3 1.9 3.8 3.0