EX-12.1 2 h18391a1exv12w1.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12w1
 

EXHIBIT 12.1

NOBLE ENERGY, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

                                                         
    Six Months Ended    
    June 30,
   Year Ended December 31,
    2004
   2003
   2003
   2002
   2001
   2000
   1999
Income from continuing operations before cumulative effect of change in accounting principle
   $ 244,831     $ 97,867     $ 141,639     $ 27,896     $ 150,130     $ 207,890     $ 43,043  
Add (deduct):
                                                        
Fixed charges
     31,577       31,338       62,075       64,566       54,434       50,434       49,393  
Interest capitalized
     (6,642 )     (5,183 )     (14,134 )     (16,331 )     (15,953 )     (6,326 )     (5,894 )
Distributions less equity in earnings of equity investees
     2,707       3,519       5,499       8,164       (6,981 )     (13,544 )     —  
 
    
 		      
 		      
 		      
 		      
 		      
 		      
 		  
Earnings as defined
   $ 272,473     $ 127,541     $ 195,079     $ 84,295     $ 181,630     $ 238,454     $ 86,542  
 
    
 		      
 		      
 		      
 		      
 		      
 		      
 		  
Interest expense, excluding capitalized interest
   $ 24,370     $ 25,775     $ 46,977     $ 47,709     $ 38,007     $ 43,697     $ 43,041  
Interest capitalized
     6,642       5,183       14,134       16,331       15,953       6,326       5,894  
Interest portion of rental expense
     565       380       964       526       474       411       458  
 
    
 		      
 		      
 		      
 		      
 		      
 		      
 		  
Fixed charges as defined
   $ 31,577     $ 31,338     $ 62,075     $ 64,566     $ 54,434     $ 50,434     $ 49,393  
 
    
 		      
 		      
 		      
 		      
 		      
 		      
 		  
Ratio of earnings to fixed charges
     8.63       4.07       3.14       1.31       3.34       4.73       1.75