EXHIBIT 12
SNYDER OIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Unaudited)
Nine
Months Ended
September 30, Year Ended December 31,
-------------- ----------------------------------------------------------------
1998 1997 1996 1995 1994 1993
---------- ---------- ---------- ---------- ---------- ----------
(In thousands, except share data)
Income (loss) before taxes, minority
interest and extraordinary item $(18,848) $57,440 $74,701 $(40,604) $13,510 $22,538
Interest expense 11,614 25,472 23,587 21,679 10,337 5,315
-------- ------- ------- -------- ------- -------
Earnings before taxes, minority
interest, extraordinary item and
interest expense $ (7,234) $82,912 $98,288 $(18,925) $23,847 $27,853
======== ======= ======= ======== ======= =======
Interest expense $ 11,614 $25,472 $23,587 $ 21,679 $10,337 $ 5,315
Preferred stock dividends of
majority owned subsidiary - 1,474 1,520 - - -
-------- ------- ------- -------- ------- -------
Total fixed charges $ 11,614 $26,946 $25,107 $ 21,679 $10,337 $ 5,315
======== ======= ======= ======== ======= =======
Ratio of earnings to fixed charges N/A (2) 3.08 3.91 N/A (1) 2.31 5.24
======== ======= ======= ======== ======= =======
<FN>
(1) Earnings were inadequate to cover fixed charges by $40.6 million.
(2) Earnings were inadequate to cover fixed charges by $18.8 million.
</FN>
1
SNYDER OIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(Unaudited)
Nine
Months Ended
September 30, Year Ended December 31,
-------------- -----------------------------------------------------------------
1998 1997 1996 1995 1994 1993
-------------- ---------- ---------- ---------- ---------- ----------
(In thousands, except share data)
Income (loss) before taxes, minority
interest and extraordinary item $(18,848) $57,440 $74,701 $(40,604) $13,510 $22,538
Interest expense 11,614 25,472 23,587 21,679 10,337 5,315
-------- ------- ------- -------- ------- -------
Earnings before taxes, minority
interest, extraordinary item and
interest expense $ (7,234) $82,912 $98,288 $(18,925) $23,847 $27,853
======== ======= ======= ======== ======= =======
Interest expense $ 11,614 $25,472 $23,587 $ 21,679 $10,337 $ 5,315
Preferred stock dividends - 4,929 (1) 6,210 6,210 10,806 9,100
Adjustment to tax effect preferred
stock dividends - 2,428 429 - - -
Preferred stock dividends of
majority owned subsidiary - 1,474 1,520 - - -
-------- ------- ------- -------- ------- -------
Total fixed charges $ 11,614 $34,303 $31,746 $ 27,889 $21,143 $14,415
======== ======= ======= ======== ======= =======
Ratio of earnings
to combined fixed charges
and preferred dividends N/A (3) 2.42 3.10 N/A (2) 1.13 1.93
======== ======= ======= ======== ======= =======
<FN>
(1) Excludes redemption premium of $1.0 million.
(2) Earnings were inadequate to cover combined fixed charges and preferred dividends by $46.8 million.
(3) Earnings were inadequate to cover combined fixed charges by $18.8 million.
</FN>
2