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EXHIBIT 12.1
PACIFIC ENTERPRISES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
(Dollars in millions)
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Three
months
ended
March 31,
1997 1998 1999 2000 2001 2002
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<s> <c> <c> <c> <c> <c> <c>
Fixed Charges:
Interest $ 91 $ 84 $ 82 $ 72 $ 88 $ 18
Interest portion of
annual rentals 12 11 3 4 3 -
Preferred dividends
of subsidiaries (1) 13 2 2 2 2 -
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Combined Fixed Charges and
Preferred Stock Dividends
for Purpose of Ratio $116 $ 97 $ 87 $ 78 $ 93 $ 18
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Earnings:
Pretax income from
continuing operations $335 $274 $350 $396 $377 $103
Add Total Fixed Charges
(from above) 116 97 87 78 93 18
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Total Earnings for
Purpose of Ratio $451 $371 $437 $474 $470 $121
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Ratio of Earnings
to Combined Fixed Charges
and Preferred Stock
Dividends 3.89 3.82 5.02 6.08 5.05 6.72
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(1) In computing this ratio, "Preferred dividends of subsidiaries" represents the
before-tax earnings necessary to pay such dividends, computed at the effective tax
rates for the applicable periods.
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