EX-12.1 2 nbl-20151231x10kxex121.htm EXHIBIT 12.1 Exhibit


EXHIBIT 12.1

Noble Energy, Inc.
Calculation of Ratio of Earnings to Fixed Charges
 
 
Year Ended December 31,
 
 
2015 (1)
 
2014
 
2013
 
2012
 
2011
(millions)
 
 
 
 
 
 
 
 
 
 
Income From Continuing Operations Before Income Tax and Income From Equity Investees
 
$
(2,309
)
 
$
1,540

 
$
1,138

 
$
1,170

 
$
309

Add (Deduct)
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
435

 
349

 
296

 
288

 
207

Capitalized Interest
 
(144
)
 
(116
)
 
(121
)
 
(151
)
 
(132
)
Distributed Income From Equity Investees
 
77

 
382

 
204

 
204

 
225

Earnings as Defined
 
$
(1,941
)
 
$
2,155

 
$
1,517

 
$
1,511

 
$
609

 
 
 
 
 
 
 
 
 
 
 
Net Interest Expense
 
263

 
210

 
158

 
125

 
65

Capitalized Interest
 
144

 
116

 
121

 
151

 
132

Interest Portion of Rental Expense
 
28

 
23

 
17

 
12

 
10

Fixed Charges as Defined
 
$
435

 
$
349

 
$
296

 
$
288

 
$
207

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
—

 
6.2

 
5.1

 
5.2

 
2.9

 
 
 
 
 
 
 
 
 
 
 
Amount by Which Earnings Were Insufficient to Cover Fixed Charges
 
$
2,376

 
$
—

 
$
—

 
$
—

 
$
—


(1) Earnings for the year ended December 31, 2015, were insufficient to cover fixed charges by $2,376 million primarily due to noncash impairment charges of $1,312 million, $508 million associated with changes in fair value on unsettled derivative contracts and the impact of current commodity prices.