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EXHIBIT 12.1
PACIFIC ENTERPRISES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
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For the six
months ended
June 30,
1999 2000 2001 2002 2003
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<s> <c> <c> <c> <c> <c>
Fixed Charges:
Interest $ 82 $ 72 $ 88 $ 63 $ 31
Interest portion of
annual rentals 3 4 3 2 1
Preferred dividends
of subsidiaries (1) 2 2 2 2 2
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Total Fixed Charges
for Purpose of Ratio $ 87 $ 78 $ 93 $ 67 $ 34
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Earnings:
Pretax income from
continuing operations $350 $396 $377 $383 $168
Total Fixed Charges
(from above) 87 78 93 67 34
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Total Earnings for
Purpose of Ratio $437 $474 $470 $450 $202
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Ratio of Earnings
to Fixed Charges 5.02 6.08 5.05 6.72 5.94
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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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