EXHIBIT 12
Northwest Natural Gas Company
Computation of Ratio of Earnings to Fixed Charges
January 1, 1989 - December 31, 1993
($000)
----------Year Ended December 31----------
1989 1990 1991 1992 1993
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Fixed Charges, as defined:
Interest on Long-Term Debt $19,344 $22,244 $21,977 $23,001 $22,578
Other Interest 4,011 2,853 4,266 3,223 1,906
Amortization of Debt Discount
and Expense 401 363 348 511 775
Interest Portion of Rentals 1,235 1,546 1,485 1,439 1,701
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Total Fixed Charges, as
defined $24,991 $27,006 $28,076 $28,174 $26,960
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Earnings, as defined:
Net Income $28,420 $30,724 $14,377 $15,775 $37,647
Taxes on Income 15,366 13,629 2,321 6,951 22,096
Fixed Charges, as above 24,991 27,006 28,076 28,174 26,960
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Total Earnings, as defined $68,777 $71,359 $44,774 $50,900 $86,703
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Ratio of Earnings to Fixed
Charges 2.75 2.64 1.59 1.81 3.22
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