EX-12.1 2 nbl-2014123110kxex121.htm EXHIBIT 12.1 NBL-2014.12.31.10K-Ex.12.1


EXHIBIT 12.1

Noble Energy, Inc.
Calculation of Ratio of Earnings to Fixed Charges
 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
(millions)
 
 
 
 
 
 
 
 
 
 
Income From Continuing Operations Before Income Tax and Income From Equity Investees
 
$
1,540

 
$
1,138

 
$
1,170

 
$
309

 
$
730

Add (Deduct)
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
349

 
296

 
288

 
207

 
148

Capitalized Interest
 
(116
)
 
(121
)
 
(151
)
 
(132
)
 
(67
)
Distributed Income From Equity Investees
 
382

 
204

 
204

 
225

 
139

Earnings as Defined
 
$
2,155

 
$
1,517

 
$
1,511

 
$
609

 
$
950

 
 
 
 
 
 
 
 
 
 
 
Net Interest Expense
 
210

 
158

 
125

 
65

 
72

Capitalized Interest
 
116

 
121

 
151

 
132

 
67

Interest Portion of Rental Expense
 
23

 
17

 
12

 
10

 
9

Fixed Charges as Defined
 
$
349

 
$
296

 
$
288

 
$
207

 
$
148

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
6.2

 
5.1

 
5.2

 
2.9

 
6.4

 
 
 
 
 
 
 
 
 
 
 
Amount by Which Earnings Were Insufficient to Cover Fixed Charges
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—