Noble Energy (NBL) 10-Q 2004 Q1 Quarterly report

EXHIBIT 12.1

NOBLE ENERGY, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands)

	Three Months Ended March 31,						Year Ended December 31,
	2004			2003			2003			2002			2001			2000			1999
Income from continuing operations before cumulative effect of change in accounting principle	$	128,848		$	58,236		$	141,639		$	27,896		$	150,130		$	207,890		$	43,043
Add (deduct):
Fixed charges	14,496			15,569			62,075			64,566			54,434			50,434			49,393
Interest capitalized	(4,114		)	(1,930		)	(14,134		)	(16,331		)	(15,953		)	(6,326		)	(5,894		)
Distributions less equity in earnings of equity investees	(1,486		)	(357		)	5,499			8,164			(6,981		)	(13,544		)	—
Earnings as defined	$	137,744		$	71,518		$	195,079		$	84,295		$	181,630		$	238,454		$	86,542
Interest expense, excluding capitalized interest	$	10,044		$	13,527		$	46,977		$	47,709		$	38,007		$	43,697		$	43,041
Interest capitalized	4,114			1,930			14,134			16,331			15,953			6,326			5,894
Interest portion of rental expense	338			112			964			526			474			411			458
Fixed charges as defined	$	14,496		$	15,569		$	62,075		$	64,566		$	54,434		$	50,434		$	49,393
Ratio of earnings to fixed charges	9.50			4.59			3.14			1.31			3.34			4.73			1.75