EXHIBIT 12.1
NOBLE ENERGY, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands)
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| Nine Months Ended |
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| September 30, |
| 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 |
| $ | 644,037 |
| $ | 373,422 |
| $ | 516,041 |
| $ | 141,639 |
| $ | 27,896 |
| $ | 150,130 |
| $ | 207,890 |
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Add (deduct): |
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Fixed charges |
| 67,390 |
| 49,811 |
| 62,747 |
| 62,075 |
| 64,566 |
| 54,434 |
| 50,434 |
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Interest capitalized |
| (11,340 | ) | (9,655 | ) | (13,401 | ) | (14,134 | ) | (16,331 | ) | (15,953 | ) | (6,326 | ) | |||||||
Distributions less equity in earnings of equity investees |
| (1,304 | ) | 2,172 |
| (11,275 | ) | 5,499 |
| 8,164 |
| (6,981 | ) | (13,544 | ) | |||||||
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Earnings as defined |
| $ | 698,783 |
| $ | 415,750 |
| $ | 554,112 |
| $ | 195,079 |
| $ | 84,295 |
| $ | 181,630 |
| $ | 238,454 |
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Interest expense, net of capitalized interest |
| $ | 54,987 |
| $ | 39,318 |
| $ | 48,227 |
| $ | 46,977 |
| $ | 47,709 |
| $ | 38,007 |
| $ | 43,697 |
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Interest capitalized |
| 11,340 |
| 9,655 |
| 13,401 |
| 14,134 |
| 16,331 |
| 15,953 |
| 6,326 |
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Interest portion of rental expense |
| 1,063 |
| 838 |
| 1,119 |
| 964 |
| 526 |
| 474 |
| 411 |
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Fixed charges as defined |
| $ | 67,390 |
| $ | 49,811 |
| $ | 62,747 |
| $ | 62,075 |
| $ | 64,566 |
| $ | 54,434 |
| $ | 50,434 |
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Ratio of earnings to fixed charges |
| 10.37 |
| 8.35 |
| 8.83 |
| 3.14 |
| 1.31 |
| 3.34 |
| 4.73 |
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