1
Exhibit 12
COLUMBIA ENERGY GROUP AND SUBSIDIARIES
Statements of Ratio of Earnings to Fixed Charges
($ in millions)
Twelve Months Twelve Months
Ended September 30, Ended December 31,
------------------- -------------------------------------------------
1999 1998 1998 1997 1996 1995 1994
---- ---- ---- ---- ---- ---- ----
Consolidated Income (Loss) from Continuing Operations
before Income Taxes 442.5 392.0 435.4 398.3 337.5 (643.0) 392.2
Adjustments:
Interest during construction (3.0) (2.2) (2.1) (3.0) (1.1) (20.2) --
Distributed (Undistributed) equity income (3.0) 2.4 (0.4) 3.6 1.5 (7.9) (0.9)
Fixed charges 167.2 179.1 164.9 181.6 184.6 1,061.3 33.7
------- ------- ------- ------- ------- ------- -------
Earnings Available 603.7 571.3 597.8 580.5 522.5 390.2 425.0
------- ------- ------- ------- ------- ------- -------
Fixed Charges:
Interest on long-term and short-term debt 146.3 147.3 145.4 145.6 150.8 987.2 0.7
Other interest 3.1 12.9 1.7 15.2 13.5 53.6 14.1
Portion of rentals representing interest 17.8 18.9 17.8 20.8 20.3 20.5 18.9
------- ------- ------- ------- ------- ------- -------
Total Fixed Charges *, ** 167.2 179.1 164.9 181.6 184.6 1,061.3 33.7
------- ------- ------- ------- ------- ------- -------
Ratio of Earnings to Fixed Charges 3.61 3.19 3.63 3.20 2.83 N/A (a) 12.61
======= ======= ======= ======= ======= ======= =======
Prior periods amounts for the twelve months ended December 31, 1997, December
31, 1998, and September 30, 1998 have been restated to reflect Columbia Energy
Services Corporation wholesale and trading operations as discontinued
operations.
(a) To achieve a one-to-one coverage, the Corporation would need an additional
$671.1 million of earnings for the twelve months ended December 31, 1995.
* This amount excludes approximately $230 million of interest expense not
recorded for the twelve months ended December 31, 1994. This amount
includes interest expense of $982.9 million including the write-off of
unamortized discounts on debentures recorded in 1995.
** This amount excludes $8.6 million of interest expense not recorded with
respect to the registrant's guarantee of LESOP Trust's debentures for the
twelve months ended December 31, 1994.