EXHIBIT 12
Northwest Natural Gas Company
Computation of Ratio of Earnings to Fixed Charges
January 1, 1990 - June 30, 1995
($000)
Twelve
Months
-----------Year Ended December 31---------- Ended
June 30,
1990 1991 1992 1993 1994 1995
---- ---- ---- ---- ---- ----
Fixed Charges, as defined:
Interest on Long-Term
Debt $22,244 $21,977 $23,001 $22,578 $21,921 $22,737
Other Interest 2,853 4,266 3,223 1,906 2,473 2,617
Amortization of Debt
Discount and Expense 363 348 511 775 850 870
Interest Portion of
Rentals 1,546 1,485 1,439 1,701 1,697 1,697
------- ------- ------- ------- ------- -------
Total Fixed Charges,
as defined $27,006 $28,076 $28,174 $26,960 $26,941 $27,921
======= ======= ======= ======= ======= =======
Earnings, as defined:
Net Income $30,724 $14,377 $15,775 $37,647 $35,461 $36,776
Taxes on Income 13,629 2,321 6,951 22,096 20,473 21,083
Fixed Charges, as
above 27,006 28,076 28,174 26,960 26,941 27,921
------- ------- ------- ------- ------- -------
Total Earnings, as
defined $71,359 $44,774 $50,900 $86,703 $82,875 $85,780
======= ======= ======= ======= ======= =======
Ratio of Earnings to
Fixed Charges 2.64 1.59 1.81 3.22 3.08 3.07
======= ======= ======= ======= ======= =======