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8th grade Good
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Removed:
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EXHIBIT 12.1
Noble Energy, Inc. | ||||||||||||||||||||
Calculation of Ratio of Earnings to Fixed Charges | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2015 (1) | 2014 | 2013 | 2012 | 2011 | ||||||||||||||||
(millions) | ||||||||||||||||||||
Income From Continuing Operations Before Income Tax and Income From Equity Investees | $ | (2,309 | ) | $ | 1,540 | $ | 1,138 | $ | 1,170 | $ | 309 | |||||||||
Add (Deduct) | ||||||||||||||||||||
Fixed Charges | 435 | 349 | 296 | 288 | 207 | |||||||||||||||
Capitalized Interest | (144 | ) | (116 | ) | (121 | ) | (151 | ) | (132 | ) | ||||||||||
Distributed Income From Equity Investees | 77 | 382 | 204 | 204 | 225 | |||||||||||||||
Earnings as Defined | $ | (1,941 | ) | $ | 2,155 | $ | 1,517 | $ | 1,511 | $ | 609 | |||||||||
Net Interest Expense | 263 | 210 | 158 | 125 | 65 | |||||||||||||||
Capitalized Interest | 144 | 116 | 121 | 151 | 132 | |||||||||||||||
Interest Portion of Rental Expense | 28 | 23 | 17 | 12 | 10 | |||||||||||||||
Fixed Charges as Defined | $ | 435 | $ | 349 | $ | 296 | $ | 288 | $ | 207 | ||||||||||
Ratio of Earnings to Fixed Charges | — | 6.2 | 5.1 | 5.2 | 2.9 | |||||||||||||||
Amount by Which Earnings Were Insufficient to Cover Fixed Charges | $ | 2,376 | $ | — | $ | — | $ | — | $ | — |
(1) Earnings for the year ended December 31, 2015, were insufficient to cover fixed charges by $2,376 million primarily due to noncash impairment charges of $1,312 million, $508 million associated with changes in fair value on unsettled derivative contracts and the impact of current commodity prices.