EXHIBIT 12.1
PREMCOR INC.
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
For the nine
months ended
For the years ended December 31, September 30
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1998 1999 2000 2001 2002 2002 2003
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Earnings Available for Fixed Charges
Pretax earnings (loss) from continuing
operations before minority interest $ (75.4) $ (91.0) $ 54.9 $ 225.8 $ (212.6) $ (265.9) $ 205.2
Fixed charges 92.9 139.1 174.6 183.0 130.3 98.8 110.2
Amortization of capitalized interest 0.1 0.2 0.8 3.4 3.1 2.3 2.8
Capitalized interest (3.0) (22.8) (62.1) (5.3) (6.7) (4.6) (9.4)
Other (1) 0.5 -- (0.2) -- -- -- --
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$ 15.1 $ 25.5 $ 168.0 $ 406.9 $ (85.9) $ (169.4) $ 308.8
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Fixed Charges
Interest expense $ 80.6 $ 108.3 $ 149.0 $ 147.7 $ 103.8 $ 83.4 $ 91.6
Preferred stock dividend 7.6 8.6 9.6 10.4 2.5 2.5 --
Financing costs 2.9 18.0 12.7 16.0 13.5 10.6 7.1
Interest factor attributable to rent expense 1.8 4.2 3.3 8.9 10.5 2.3 11.5
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$ 92.9 $ 139.1 $ 174.6 $ 183.0 $ 130.3 $98.8 $ 110.2
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Ratio of Earnings to Fixed Charges 0.16 0.18 0.96 2.22 (0.66) (1.71) 2.80
Dollar Amount of Deficiency $ 77.8 $ 113.6 $ 6.6 N/A $ 216.2 $ 268.2 N/A
| (1) | Represents adjustments to reflect distributed earnings of investments accounted for under the equity method. |
THE PREMCOR REFINING GROUP INC. AND SUBSIDIARIES
CALCULATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
For the nine
months ended
For the years ended December 31, September 30
----------------------------------------------------- ----------------------
1998 1999 2000 2001 2002 2002 2003
----------------------------------------------------- ----------------------
Earnings Available for Fixed Charges
Pretax earnings (loss) from continuing
operations before minority interest $ (48.9) $ (64.6) $ 82.2 $ 244.7 $ (189.4) $ (243.2) $ 205.9
Fixed charges 65.6 110.9 145.3 154.1 116.0 85.7 108.6
Amortization of capitalized interest 0.1 0.2 0.8 3.4 3.1 2.3 2.8
Capitalized interest (3.0) (22.8) (62.1) (5.3) 6.7) (4.6) (9.4)
Other (1) 0.5 -- (0.2) -- -- -- --
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$ 14.3 $ 23.7 $ 166.0 $ 396.9 $ (77.0) $ (159.8) $ 307.9
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Fixed Charges
Interest expense $ 61.4 $ 89.2 $ 129.9 $ 129.8 $ 92.2 $ 73.0 $ 90.0
Financing costs 2.4 17.5 12.1 15.4 13.3 10.4 7.1
Interest factor attributable to rent
expense 1.8 4.2 3.3 8.9 10.5 2.3 11.5
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$ 65.6 $ 110.9 $ 145.3 $ 154.1 $ 116.0 $ 85.7 $ 108.6
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Ratio of Earnings to Fixed Charges 0.22 0.21 1.14 2.58 (0.66) (1.86) 2.84
Dollar Amount of Deficiency $ 51.3 $ 87.2 N/A N/A $ 193.0 $ 245.5 N/A
| (1) | Represents adjustments to reflect distributed earnings of investments accounted for under the equity method. |