Apache 10-Q2010 Q1 Quarterly report

Filed: 7 May 10, 12:00am

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Removed: abandoned, abandonment, accurately, acquirer, acquiring, added, advantage, affirmed, amending, America, appealed, application, applying, assumed, assure, began, beginning, bottoming, bringing, Bulletin, calculating, called, Circuit, closely, commence, content, continuing, control, DebtAt, declining, deconsolidation, delivered, denied, determining, dismissal, dismissed, DividendsCommon, drop, earlier, EITF, emerging, enhanced, evaluate, ExpensesGeneral, face, falling, FAS, FASB, fell, Force, founder, FSP, Geauxpher, Grynberg, Guide, heating, Ike, implemented, Indian, insurance, invest, InvestmentsWe, jack, joint, Katrina, low, Marathon, matter, matured, mismeasurement, Modernization, modifying, monitor, monthly, move, noncontrolling, nontraditional, notesThe, obtained, occasionally, office, operated, operational, order, parent, partially, partner, peaking, pension, permitted, permitting, petition, PlansThe, platform, plugged, postretirement, predicted, presently, prospectively, publicly, pursue, reaching, recognize, recovery, reduction, regulation, rehearing, relate, remain, Research, responsible, restored, revised, Rita, Rule, scheduled, separately, significantly, supplement, Task, technology, toppled, traded, Treasury, underpaid, upgrade, venture, volume, weak

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EXHIBIT 12.1

APACHE CORPORATION
STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(In Thousands)


	Three Months Ended
	March 31,
	2010		2009			2009		2008		2007		2006		2005
EARNINGS (LOSS)
Pretax income (loss) from continuing operations	$	1,206,785	$	(2,453,491	)	$	326,391	$	932,392	$	4,672,612	$	4,009,595	$	4,206,254
Add: Fixed charges excluding capitalized interest		68,907		69,421			285,816		214,288		258,221		178,399		138,399


Adjusted Earnings (Loss)	$	1,275,692	$	(2,384,070	)	$	612,207	$	1,146,680	$	4,930,833	$	4,187,994	$	4,344,653


FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
Interest expense including capitalized interest (1)	$	76,459	$	78,914		$	309,619	$	280,457	$	308,235	$	217,454	$	175,419
Amortization of debt expense		1,388		1,408			5,553		3,689		3,310		2,048		3,748
Interest component of lease rental expenditures (2)		8,115		5,108			31,197		24,306		22,424		20,198		16,220


Fixed charges		85,962		85,430			346,369		308,452		333,969		239,700		195,387

Preferred stock dividend requirements (3)		—		1,983			12,105		7,438		9,437		8,922		9,105


Combined Fixed Charges and Preferred Stock Dividends (1)	$	85,962	$	87,413		$	358,474	$	315,890	$	343,406	$	248,622	$	204,492


Ratio of Earnings to Fixed Charges		14.84		—			1.77		3.72		14.76		17.47		22.24


Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		14.84		—			1.71		3.63		14.36		16.84		21.25


(1)		Interest expense related to the provisions for uncertainty in income taxes under ASC Topic 740, “Income Taxes” is not included in the computation of ratios of earnings to fixed charges and combined fixed charges and preferred stock dividends.

(2)		Represents the portion of rental expense assumed to be attributable to interest factors of related rental obligations determined at interest rates appropriate for the period during which the rental obligations were incurred. Approximately 32 to 34 percent applies to rental payments for all periods presented.

(3)		The Company does not receive a tax benefit for its preferred stock dividends. This amount represents the pre-tax earnings that would be required to cover its preferred stock dividends.