CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
RATIOS OF EARNINGS TO FIXED CHARGES AND COMBINED FIXED CHARGES
AND PREFERRED DIVIDENDS
|
| | | | | | | | | | | | | | | | | | | | |
| | | Years Ended December 31, |
| | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 |
| EARNINGS: | | | | | | | | | | |
| Income (loss) before income taxes and cumulative effect of accounting change | | $ | 1,442 |
| | $ | 3,200 |
| | $ | (19,098 | ) | | $ | (4,589 | ) | | $ | 954 |
|
Interest expense(a) | | 207 |
| | 172 |
| | 322 |
| | 275 |
| | 421 |
|
| Loss on investment in equity investees in excess of distributed earnings | | 219 |
| | 75 |
| | 96 |
| | 8 |
| | — |
|
| Amortization of capitalized interest | | 440 |
| | 438 |
| | 483 |
| | 729 |
| | 487 |
|
| Loan cost amortization | | 37 |
| | 32 |
| | 31 |
| | 24 |
| | 25 |
|
| Less: (Income) loss attributable to noncontrolling interests | | | | | | 68 |
| | 9 |
| | (4 | ) |
| Earnings (losses) | | $ | 2,345 |
| | $ | 3,917 |
| | $ | (18,098 | ) | | $ | (3,544 | ) | | $ | 1,883 |
|
| FIXED CHARGES: | | | | | | | | | | |
| Interest Expense | | $ | 207 |
| | $ | 172 |
| | $ | 322 |
| | $ | 275 |
| | $ | 421 |
|
| Capitalized interest | | 815 |
| | 604 |
| | 410 |
| | 242 |
| | 193 |
|
| Loan cost amortization | | 37 |
| | 32 |
| | 31 |
| | 24 |
| | 25 |
|
| Fixed Charges | | $ | 1,059 |
| | $ | 808 |
| | $ | 763 |
| | $ | 541 |
| | $ | 639 |
|
| RATIO OF EARNINGS TO FIXED CHARGES | | 2.2 |
| | 4.8 |
| | — |
| | — |
| | 2.9 |
|
| INSUFFICIENT COVERAGE | | $ | — |
| | $ | — |
| | $ | 18,861 |
| | $ | 4,085 |
| | $ | — |
|
___________________________________________
| |
| (a) | Excludes the effect of unrealized gains or losses on interest rate derivatives and includes amortization of bond discount. |
