- WTI Dashboard
- Financials
- Filings
-
Holdings
- Transcripts
- ETFs
- Insider
- Institutional
- Shorts
-
S-3 Filing
W&T Offshore (WTI) S-3Shelf registration
Filed: 24 Apr 18, 12:00am
Exhibit 12.1
W&T Offshore, Inc.
Ratio of Earnings to Fixed Charges
The following table sets forth our ratios of consolidated earnings to fixed charges for the periods presented:
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(in thousands except ratios) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Income (loss) before income taxes | $ | 67,113 | $ | (292,396 | ) | $ | (1,247,702 | ) | $ | (16,120 | ) | $ | 80,096 | |||||||
Add: Fixed charges | 46,091 | 93,063 | 104,870 | 87,193 | 85,902 | |||||||||||||||
Add: Amortization of capitalized interest | — | 5,207 | 40,158 | 4,538 | 4,380 | |||||||||||||||
Less: Capitalized Interest | — | (520 | ) | (7,256 | ) | (8,526 | ) | (10,058 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Earnings before fixed charges | $ | 113,204 | $ | (194,646 | ) | $ | (1,109,930 | ) | $ | 67,085 | $ | 160,320 | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense, net of capitalized interest | $ | 45,836 | $ | 92,271 | $ | 97,336 | $ | 78,396 | $ | 75,581 | ||||||||||
Capitalized interest | — | 520 | 7,256 | 8,526 | 10,058 | |||||||||||||||
Portion of rental expense representative of an interest factor | 255 | 272 | 278 | 271 | 263 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total fixed charges | $ | 46,091 | $ | 93,063 | $ | 104,870 | $ | 87,193 | $ | 85,902 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of earnings to fixed charges | 2.5 | N/A | (1) | N/A | (2) | N/A | (3) | 1.9 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | The ratio was not meaningful. Earnings were inadequate to cover fixed charges for the year ended December 31, 2016 by $287.7 million, which included a ceiling test write-down of oil and gas properties of $279.1 million and a gain on exchange of debt of $123.9 million. |
(2) | The ratio was not meaningful. Earnings were inadequate to cover fixed charges for the year ended December 31, 2015 by $1,214.8 million, which included a ceiling test write-down of oil and gas properties of $987.2 million. |
(3) | The ratio was less thanone-to-one coverage. Earnings were inadequate to cover fixed charges for the year ended December 31, 2014 by $20.1 million. |