EX-12.1 3 a2236520zex-12_1.htm EX-12.1
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Exhibit 12.1

Newfield Exploration Company
Computation of Ratios of Earnings (Loss) to Fixed Charges and Earnings (Loss)
to Fixed Charges Plus Preferred Dividends
(Amounts in millions of dollars)

 
  For the
Six Months
Ended
06/30/18
  Year Ended December 31,  
 
  2017   2016   2015   2014   2013  

Earnings:

                                     

Pre-tax income (loss) from continuing operations

  $ 232   $ 386   $ (1,208 ) $ (4,947 ) $ 1,032   $ 201  

Fixed Charges:

                                     

Interest expense, including debt issue amortization

  $ 45   $ 89   $ 103   $ 131   $ 147   $ 152  

Capitalized interest

    30     61     51     33     53     53  

Interest portion of rent expense(1)

    2     5     7     12     7     7  

Total fixed charges before preferred dividend requirements

    77     155     161     176     207     212  

Preferred dividend requirements

                         

Total fixed charges and preferred dividend requirements

  $ 77   $ 155   $ 161   $ 176   $ 207   $ 212  

Earnings (loss) before fixed charges (excludes capitalized interest) and preferred dividends

  $ 279   $ 480   $ (1,098 ) $ (4,804 ) $ 1,186   $ 360  

Earnings (loss) before fixed charges (excludes capitalized interest)

  $ 279   $ 480   $ (1,098 ) $ (4,804 ) $ 1,186   $ 360  

Ratio of earnings (loss) to fixed charges

    3.6x     3.1x     —x (2)   —x (2)   5.7x     1.7x  

Ratio of earnings (loss) to fixed charges plus preferred dividends

    3.6x     3.1x     —x (2)   —x (2)   5.7x     1.7x  

(1)
Amounts represent those portions of rent expense (one-third) that are reasonable approximations of interest costs.

(2)
Earnings for 2015 and 2016 were insufficient to cover fixed charges by $5 billion and $1.3 billion, respectively, due to non-cash charges of $4.9 billion and $1 billion, respectively, associated with ceiling test write-downs in the respective periods.



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Newfield Exploration Company Computation of Ratios of Earnings (Loss) to Fixed Charges and Earnings (Loss) to Fixed Charges Plus Preferred Dividends (Amounts in millions of dollars)