Hess (HES) 8-K Material Modifications to Rights of Security Holders

Exhibit 12.1

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (a)

	NINE MONTHS ENDED SEPTEMBER 30, 2015			YEARS ENDED DECEMBER 31,
				2014		2013			2012			2011			2010
Earnings
Consolidated income / (loss) from continuing operations before income taxes	$	(1,975	)	$	2,436	$	4,601		$	3,337		$	2,272		$	3,018
Add: Fixed charges (excluding capitalized interest)		305			374		488			517			499			490
Add: Amortization of capitalized interest		47			26		25			30			39			52
Add: Distributed earnings of equity investees		—			—		3			11			9			7
Less: (Earnings) / losses of equity investees		10			84		(17	)		(12	)		1,068			506
Less: Pretax noncontrolling interests in (income) loss of consolidated subsidiaries with no fixed charges		—			—		(177	)		(23	)		(26	)		(17	)
Total earnings (deficit)	$	(1,613	)	$	2,920	$	4,923		$	3,860		$	3,861		$	4,056
Fixed Charges
Interest expense (b)	$	255		$	323	$	416		$	429		$	391		$	369
Interest capitalized		33			76		60			28			13			5
Total interest incurred (including amortization of debt discount)		288			399		476			457			404			374
Preferred stock dividend requirements		—			—		—			—			—			—
Portion of rent expense representative of interest (c)		50			51		72			88			108			121
Total fixed charges	$	338		$	450	$	548		$	545		$	512		$	495
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		—	(d)		6.5		9.0			7.1			7.5			8.2

(a) No preferred stock was outstanding for any period presented in the table above and, accordingly, our ratio of earnings to combined fixed charges and preferred stock dividends is the same as our ratio of earnings to fixed charges.

(b) Includes amortization of debt issue costs and discounts or premiums, and excludes interest expense on FIN 48 liabilities included as a component of income tax expense.

(c) Represents management’s estimate of the interest portion of rent expense.

(d) The earnings to fixed charges ratio for the nine months ended September 30, 2015 was less than one. The deficiency to achieve a ratio of one was $1,951 million that is comprised of a deficit of $1,613 million and fixed charges of $338 million.