Exhibit 12.1
CARRIZO OIL & GAS, INC.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In thousands, except ratios)
Year Ended December 31, | Six Months Ended June 30, | |||||||||||||||||||||||
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 | $ | 96,327 | ||||||||||
Fixed charges | 100,299 | 105,003 | 90,451 | 86,795 | 74,852 | 51,681 | ||||||||||||||||||
Interest capitalized | (17,026 | ) | (32,090 | ) | (34,545 | ) | (29,889 | ) | (24,848 | ) | (7,768 | ) | ||||||||||||
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Total Earnings | ($ | 592,201 | ) | ($ | 1,225,847 | ) | $ | 406,116 | $ | 91,667 | $ | 132,137 | $ | 140,240 | ||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest expense | $ | 96,429 | $ | 101,285 | $ | 87,716 | $ | 84,578 | $ | 73,006 | $ | 49,445 | ||||||||||||
Interest portion of rental expense | 3,870 | 3,718 | 2,735 | 2,217 | 1,846 | 2,236 | ||||||||||||||||||
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Total Fixed Charges | $ | 100,299 | $ | 105,003 | $ | 90,451 | $ | 86,795 | $ | 74,852 | $ | 51,681 | ||||||||||||
Ratio of Earnings to Fixed Charges | — | (1) | — | (1) | 4.49 | 1.06 | 1.77 | 2.71 | ||||||||||||||||
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(1) | For the years ended December 31, 2016 and 2015, earnings were insufficient to cover fixed charges by $692.5 million and $1.3 billion, respectively, primarily due tonon-cash impairments of proved oil and gas properties of $576.5 million and $1.2 billion, respectively. |
We had no preferred stock outstanding for any historical period presented (although preferred stock was issued on August 10, 2017), 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 for those historical periods.