PXP Producing (PPP) S-3ASR Automatic shelf registration

Exhibit 12.1

PLAINS EXPLORATION & PRODUCTION COMPANY

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollar Amounts in Thousands)

	Year Ended December 31,
	2005			2006			2007			2008			2009
Pre-tax income (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	(344,870	)	$	984,607		$	268,048		$	(1,152,683	)	$	217,180
Fixed charges (see below)		63,161			76,640			111,640			200,881			202,737
Amortization of capitalized interest		1,356			1,378			1,850			2,486			7,606
Interest capitalized		(3,467	)		(7,909	)		(36,353	)		(71,801	)		(116,231	)
Total adjusted earnings available for payment of fixed charges	$	(283,820	)	$	1,054,716		$	345,185		$	(1,021,117	)	$	311,292
Fixed charges(a)
Interest expense	$	55,421		$	64,675		$	68,908		$	116,991		$	73,811
Interest capitalized		3,467			7,909			36,353			71,801			116,231
Amortization of debt-related expenses		3,140			1,990			3,983			8,484			8,355
Rental expense representative of interest factor		1,133			2,066			2,396			3,605			4,340
Total fixed charges	$	63,161		$	76,640		$	111,640		$	200,881		$	202,737
Ratio of earnings to fixed charges		(b	)		13.8			3.1			(c	)		1.5

(a) For each of the periods presented, there were no outstanding shares of preferred stock.

(b) Total fixed charges exceeded total adjusted earnings available for payment of fixed charges by $347.0 million.

(c) Total fixed charges exceeded total adjusted earnings available for payment of fixed charges by $1,222 million, primarily due to impairment of oil and gas properties recorded in December 2008.