EXHIBIT 12.1
Noble Energy, Inc.
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
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| Six Months Ended |
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| June 30, |
| Year Ended December 31, |
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| 2006 |
| 2005 |
| 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
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| (in thousands) |
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Income from continuing operations before cumulative effect of change in accounting principle |
| $ | 195,382 |
| $ | 246,845 |
| $ | 968,660 |
| $ | 513,008 |
| $ | 140,405 |
| $ | 27,896 |
| $ | 150,130 |
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Add (deduct): |
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Fixed charges |
| 72,713 |
| 40,067 |
| 99,375 |
| 62,747 |
| 62,075 |
| 64,566 |
| 54,434 |
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Interest capitalized |
| (2,256 | ) | (4,903 | ) | (8,684 | ) | (8,168 | ) | (13,430 | ) | (16,331 | ) | (15,953 | ) | |||||||
Income from equity investees |
| (75,091 | ) | (38,438 | ) | (90,812 | ) | (78,199 | ) | (45,186 | ) | (12,361 | ) | (9,783 | ) | |||||||
Distributed income from equity investees |
| 18,000 |
| 27,675 |
| 59,625 |
| 57,825 |
| 46,125 |
| 17,696 |
| — |
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Earnings as defined |
| $ | 208,748 |
| $ | 271,246 |
| $ | 1,028,164 |
| $ | 547,213 |
| $ | 189,989 |
| $ | 81,466 |
| $ | 178,828 |
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Interest expense |
| $ | 69,342 |
| $ | 34,888 |
| $ | 87,541 |
| $ | 53,460 |
| $ | 47,681 |
| $ | 47,709 |
| $ | 38,007 |
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Interest capitalized |
| 2,256 |
| $ | 4,903 |
| 8,684 |
| 8,168 |
| 13,430 |
| 16,331 |
| 15,953 |
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Interest portion of rental expense |
| 1,115 |
| 276 |
| 3,150 |
| 1,119 |
| 964 |
| 526 |
| 474 |
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Fixed charges as defined |
| $ | 72,713 |
| $ | 40,067 |
| $ | 99,375 |
| $ | 62,747 |
| $ | 62,075 |
| $ | 64,566 |
| $ | 54,434 |
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Ratio of earnings to fixed charges |
| 2.9 |
| 6.8 |
| 10.3 |
| 8.7 |
| 3.1 |
| 1.3 |
| 3.3 |
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