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EXHIBIT 12.1
PACIFIC ENTERPRISES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)
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Nine
months
ended
September 30,
1998 1999 2000 2001 2002 2003
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<s> <c> <c> <c> <c> <c> <c> <c>
Fixed Charges:
Interest $ 84 $ 82 $ 72 $ 88 $ 63 $ 40
Interest portion of
annual rentals 11 3 4 3 2 1
Preferred dividends
of subsidiaries (1) 2 2 2 2 2 2
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Total Fixed Charges
for Purpose of Ratio $ 97 $ 87 $ 78 $ 93 $ 67 $ 43
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Earnings:
Pretax income from
continuing operations $274 $350 $396 $377 $383 $261
Total Fixed Charges
(from above) 97 87 78 93 67 43
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Total Earnings for
Purpose of Ratio $371 $437 $474 $470 $450 $304
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Ratio of Earnings
to Fixed Charges 3.82 5.02 6.08 5.05 6.72 7.07
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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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