Exhibit 12.1
RATIOS OF EARNINGS TO FIXED CHARGES
| Years Ended December 31, | Six months ended | |||||||||||||||||||||||
| 2012 | 2013 | 2014 | 2015 | 2016 | June 30, 2017 | |||||||||||||||||||
| (Millions, except ratio amounts) | ||||||||||||||||||||||||
Earnings (loss) from continuing operations before income taxes | $ | (317 | ) | $ | 149 | $ | 4,059 | $ | (21,268 | ) | $ | (3,877 | ) | $ | 1,056 | |||||||||
Capitalized interest, net of amortization | (2 | ) | (4 | ) | (13 | ) | 17 | 23 | (15 | ) | ||||||||||||||
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| (319 | ) | 145 | 4,046 | (21,251 | ) | (3,854 | ) | 1,041 | ||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest expensed and capitalized | 454 | 493 | 606 | 585 | 983 | 287 | ||||||||||||||||||
Estimate of interest within rental expense | 14 | 8 | 20 | 29 | 26 | 13 | ||||||||||||||||||
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Total fixed charges | 468 | 501 | 626 | 614 | 1,009 | 300 | ||||||||||||||||||
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Earnings available (insufficient) for payment of fixed charges | $ | 149 | $ | 646 | $ | 4,672 | $ | (20,637 | ) | $ | (2,845 | ) | $ | 1,341 | ||||||||||
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Ratio of earnings to fixed charges | N/A | 1.29 | 7.46 | N/A | N/A | 4.47 | ||||||||||||||||||
Insufficient earnings to fixed charges | $ | 319 | N/A | N/A | $ | 21,251 | $ | 3,854 | N/A | |||||||||||||||
