Battalion Oil (BATL) 10-Q 2018 Q2 Quarterly report

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Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)

	Successor						Successor						Predecessor
										Period from September 10, 2016 through December 31, 2016			Period from January 1, 2016 through September 9, 2016
	Six Months Ended June 30,
																Year Ended December 31,
							Year Ended December 31, 2017
	2018			2017												2015			2014			2013
Earnings:
Income (loss) before income taxes	$	(18,872	)	$	221,529		$	530,686		$	(474,449	)	$	3,292		$	(1,913,535	)	$	314,880		$	(1,380,378	)
Adjustments:
Equity investment loss (income)		(148	)		(416	)		(1,422	)		(9	)		152			171			(617	)		(97	)
Interest capitalized		—			—			—			—			(68,192	)		(113,009	)		(168,897	)		(203,993	)
Income (loss) before income taxes, as adjusted	$	(19,020	)	$	221,113		$	529,264		$	(474,458	)	$	(64,748	)	$	(2,026,373	)	$	145,366		$	(1,584,468	)
Fixed charges		21,454			45,699			76,356			29,013			197,640			340,399			320,403			262,046
Total earnings	$	2,434		$	266,812		$	605,620		$	(445,445	)	$	132,892		$	(1,685,974	)	$	465,769		$	(1,322,422	)
Fixed charges:
Interest expense and amortization of finance costs	$	20,836		$	45,052		$	75,061		$	28,553		$	195,698		$	337,554		$	317,732		$	259,159
Rental expense representative of interest factor		618			647			1,295			460			1,942			2,845			2,671			2,887
Total fixed charges	$	21,454		$	45,699		$	76,356		$	29,013		$	197,640		$	340,399		$	320,403		$	262,046
Ratio of earnings to fixed charges		—	(1)		5.8			7.9			—	(2)		—	(4)		—	(6)		1.5			—	(8)
Total fixed charges	$	21,454		$	45,699		$	76,356		$	29,013		$	197,640		$	340,399		$	320,403		$	262,046
Pre-tax preferred dividend requirements		—			50,756			47,560			783			12,320			83,942			32,902			12,132
Total fixed charges plus preference dividends	$	21,454		$	96,455		$	123,916		$	29,796		$	209,960		$	424,341		$	353,305		$	274,178
Ratio of earnings to combined fixed charges and preference dividends		—	(1)		2.8			4.9			—	(3)		—	(5)		—	(7)		1.3			—	(8)

(1)

Due to the Company's "Loss before income taxes, as adjusted" for the six months ended June 30, 2018 the ratio coverage was less than 1:1. The Company must generate additional earnings of $19.0 million to achieve a coverage ratio of 1:1.

(2)

Due to the Company's "Loss before income taxes, as adjusted" for the period from September 10, 2016 through December 31, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $474.5 million to achieve a coverage ratio of 1:1.

(3)

Due to the Company's "Loss before income taxes, as adjusted" for the period from September 10, 2016 through December 31, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $475.2 million to achieve a coverage ratio of 1:1.

(4)

Due to the Company's "Loss before income taxes, as adjusted" for the period from January 1, 2016 through September 9, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $64.7 million to achieve a coverage ratio of 1:1.

(5)

Due to the Company's "Loss before income taxes, as adjusted" for the period from January 1, 2016 through September 9, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $77.1 million to achieve a coverage ratio of 1:1.

(6)

Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $2.0 billion to achieve a coverage ratio of 1:1.

(7)

Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $2.1 billion to achieve a coverage ratio of 1:1.

(8)

Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.6 billion to achieve a coverage ratio of 1:1.

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Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)