Hess (HES) 8-K Other Events

Exhibit 12.1

HESS CORPORATION AND CONSOLIDATED SUBSIDIARIES

RATIO OF EARNINGS TO FIXED CHARGES

	SIX MONTHS ENDED JUNE 30,			YEARS ENDED DECEMBER 31,
	2016			2015			2014		2013			2012			2011
Earnings
Consolidated income / (loss) from continuing operations before income taxes	$	(1,512	)	$	(4,258	)	$	2,436	$	4,601		$	3,337		$	2,272
Add: Fixed charges (excluding capitalized interest)		205			425			374		488			517			499
Add: Amortization of capitalized interest		17			61			26		25			30			39
Add: Distributed earnings of equity investees		—			—			—		3			11			9
Less: (Earnings) / losses of equity investees		—			40			84		(17	)		(12	)		1,068
Less: Pretax noncontrolling interests in (income) loss of consolidated subsidiaries with no fixed charges		—			—			—		(177	)		(23	)		(26	)
Total earnings (deficit)	$	(1,290	)	$	(3,732	)	$	2,920	$	4,923		$	3,860		$	3,861
Fixed Charges
Interest expense (a)	$	170		$	341		$	323	$	416		$	429		$	391
Interest capitalized		29			45			76		60			28			13
Total interest incurred (including amortization of debt discount)		199			386			399		476			457			404
Portion of rent expense representative of interest (b)		35			84			51		72			88			108
Total fixed charges	$	234		$	470		$	450	$	548		$	545		$	512
Ratio of Earnings to Fixed Charges		(d	)		(c	)		6.5		9.0			7.1			7.5

(a) 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.

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

(c) The earnings to fixed charges ratio for 2015 was less than one. The deficiency to achieve a ratio of one was $4,202 million that is comprised of a deficit of $3,732 million and fixed charges of $470 million.

(d) The earnings to fixed charges ratio for the six-months ended June 30, 2016 was less than one. The deficiency to achieve a ratio of one was $1,524 million that is comprised of a deficit of $1,290 million and fixed charges of $234 million.