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Content analysis
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8th grade Avg
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EXHIBIT 12.1
NOBLE ENERGY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands)
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| Three Months Ended |
| Year Ended December 31, |
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| 2005 |
| 2004 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
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Income from continuing operations before cumulative effect of change in accounting Principle |
| $ | 174,553 |
| $ | 128,848 |
| $ | 516,041 |
| $ | 141,639 |
| $ | 27,896 |
| $ | 150,130 |
| $ | 207,890 |
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Add (deduct): |
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Fixed charges |
| 14,504 |
| 14,496 |
| 62,747 |
| 62,075 |
| 64,566 |
| 54,434 |
| 50,434 |
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Interest capitalized |
| (4,861 | ) | (4,114 | ) | (13,401 | ) | (14,134 | ) | (16,331 | ) | (15,953 | ) | (6,326 | ) | |||||||
Distributions less equity in earnings of equity investees |
| 941 |
| (1,486 | ) | (11,275 | ) | 5,499 |
| 8,164 |
| (6,981 | ) | (13,544 | ) | |||||||
Earnings as defined |
| $ | 185,137 |
| $ | 137,744 |
| $ | 554,112 |
| $ | 195,079 |
| $ | 84,295 |
| $ | 181,630 |
| $ | 238,454 |
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Interest expense, excluding capitalized interest |
| $ | 9,367 |
| $ | 10,044 |
| $ | 48,227 |
| $ | 46,977 |
| $ | 47,709 |
| $ | 38,007 |
| $ | 43,697 |
|
Interest capitalized |
| 4,861 |
| 4,114 |
| 13,401 |
| 14,134 |
| 16,331 |
| 15,953 |
| 6,326 |
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Interest portion of rental expense |
| 276 |
| 338 |
| 1,119 |
| 964 |
| 526 |
| 474 |
| 411 |
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Fixed charges as defined |
| $ | 14,504 |
| $ | 14,496 |
| $ | 62,747 |
| $ | 62,075 |
| $ | 64,566 |
| $ | 54,434 |
| $ | 50,434 |
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Ratio of earnings to fixed charges |
| 12.76 |
| 9.50 |
| 8.83 |
| 3.14 |
| 1.31 |
| 3.34 |
| 4.73 |
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