EX-12.1 3 a2017_10kxexx121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit

Exhibit No. 12.1

 PDC ENERGY, INC. Statement of Computation of Ratio of Earnings to Fixed Charges Year Ended December 31, 2017 2016 2015 2014 2013 (dollars in thousands) Earnings: Income (loss) from continuing operations before income taxes \$ (339,432 ) \$ (393,123 ) \$ (106,588 ) \$ 177,228 \$ (32,963 ) Fixed charges (see below) 89,434 69,840 55,844 53,512 54,002 Amortization of capitalized interest 3,190 3,463 2,486 1,379 1,096 Interest capitalized (5,049 ) (4,489 ) (5,060 ) (3,468 ) (1,709 ) Total adjusted earnings (loss) available for fixed charges \$ (251,857 ) \$ (324,309 ) \$ (53,318 ) \$ 228,651 \$ 20,426 Fixed Charges: Interest and debt expense (a) \$ 78,694 \$ 61,972 \$ 47,571 \$ 47,842 \$ 50,143 Interest capitalized 5,049 4,489 5,060 3,468 1,709 Interest component of rental expense (b) 5,691 3,379 3,213 2,202 2,150 Total fixed charges \$ 89,434 \$ 69,840 \$ 55,844 \$ 53,512 \$ 54,002 Ratio of Earnings to Fixed Charges — (c) — (c) — (c) 4.3 x — (c)
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 (a) Represents interest expense on long-term debt and amortization of debt discount and issuance costs.
 (b) Represents the portion of rental expense which we believe represents an interest component.
 (c) For the years ended December 31, 2016, 2015, 2013, and 2012, earnings were insufficient to cover total fixed charges by \$341.3 million, \$394.1 million, \$175.1 million, and \$33.6 million, respectively.