Exhibit 12.1
CARRIZO OIL & GAS, INC.
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
Years Ended December 31, | Three Months Ended March 31, | |||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2017 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | ($ | 675,474 | ) | ($ | 1,298,760 | ) | $ | 350,210 | $ | 34,761 | $ | 82,133 | $ | 40,021 | ||||||||||
Fixed charges | 100,299 | 105,003 | 90,451 | 86,795 | 74,852 | 25,295 | ||||||||||||||||||
Interest capitalized | (17,026 | ) | (32,090 | ) | (34,545 | ) | (29,889 | ) | (24,848 | ) | (3,781 | ) | ||||||||||||
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Total Earnings | ($ | 592,201 | ) | ($ | 1,225,847 | ) | $ | 406,116 | $ | 91,667 | $ | 132,137 | $ | 61,535 | ||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 96,429 | $ | 101,285 | $ | 87,716 | $ | 84,578 | $ | 73,006 | $ | 24,352 | ||||||||||||
Interest portion of rental expense | 3,870 | 3,718 | 2,735 | 2,217 | 1,846 | 943 | ||||||||||||||||||
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Total Fixed Charges | $ | 100,299 | $ | 105,003 | $ | 90,451 | $ | 86,795 | $ | 74,852 | $ | 25,295 | ||||||||||||
Ratio of Earnings to Fixed Charges | — | (1) | — | (2) | 4.49 | 1.06 | 1.77 | 2.43 | ||||||||||||||||
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(1) | Earnings for the year ended December 31, 2016 were insufficient to cover fixed charges by $692.5 million primarily due to non-cash impairments of proved oil and gas properties of $576.5 million. |
(2) | Earnings for the year ended December 31, 2015 were insufficient to cover fixed charges by $1.3 billion primarily due to non-cash impairments of proved oil and gas properties of $1.2 billion. |
We had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.