Exhibit 12.1
TRITON ENERGY CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands, except ratios)
Three months ended
August 31, Years ended May 31,
--------------------- --------------------------------------------------------------
1994 1993 1994 1993 1992 1991 1990
--------- --------- --------- ----------- ---------- ---------- ---------
Fixed charges, as defined <F1>:
Interest charges . . . . . . . . . . $ 8,713 $ 5,889 $ 26,951 $ 16,336 $ 11,066 $28,056 $ 33,181
Preferred dividend requirements of
subsidiaries adjusted to
pre-tax basis . . . . . . . . . . . -- 364 364 1,551 1,780 2,330 2,498
------- ------- -------- --------- -------- ------- --------
Total fixed charges . . . . . . . 8,713 6,253 27,315 17,887 12,846 30,386 35,679
======= ======= ======== ========= ======== ======= ========
Earnings as defined <F1><F3>:
Earnings (loss) from continuing
operations before income taxes,
minority interest, extraordinary
items and cumulative effect of
accounting change . . . . . . . . (6,682) 33,748 (27,198) (152,778) (97,387) 16,511 (52,901)
Fixed charges, above . . . . . . . . 8,713 6,253 27,315 17,887 12,846 30,386 35,679
Less interest capitalized . . . . . (5,438) (1,952) (16,863) (6,407) (6,529) (5,879) (7,180)
Plus undistributed (earnings)
loss of affiliates . . . . . . . . (648) (362) (645) 3,012 2,558 (2,604) (246)
Less preferred dividend
requirements of subsidiaries
adjusted to pre-tax basis . . . . -- (364) (364) (1,551) (1,780) (2,330) (2,498)
------- ------- -------- --------- -------- ------- --------
$(4,055) $37,323 $(17,755) $(139,837) $(90,292) $36,084 $(27,146)
------- ------- -------- --------- -------- ------- --------
Ratio of earnings to fixed
charges <F2><F3> . . . . . . . . . . -- 6.0 -- -- -- 1.2 --
======= ======= ======== ========= ======== ======= ========
____________________
<FN>
<F1> Earnings include the Company's equity in the losses of an affiliate
whose debt is guaranteed by the Company. Related interest charges for
the years ended May 31, 1992, 1991 and 1990 of $819,000, $802,000 and
$240,000, respectively, were excluded from fixed charges due to the
improbability that such guarantees would be honored.
<F2> Earnings were inadequate to cover fixed charges for the three months
ended August 31, 1994 by $12,768,000 and for the years ended May 31,
1994, 1993, 1992 and 1990 by $45,070,000, $157,724,000, $103,138,000 and
$62,825,000, respectively.
<F3> Earnings reflect nonrecurring writedowns and loss provisions of $984,000
and $12,262,000 for the three months ended August 31, 1994 and 1993,
respectively, and for the years ended May 31, 1994, 1993, 1992, 1991 and
1990 of $45,754,000, $110,695,000, $67,178,000, $7,930,000 and
$38,210,000, respectively. Nonrecurring gains from the sales of assets
aggregated $52,051,000 for the three months ended August 31, 1993 and
for the years ended May 31, 1994 and 1991 aggregated $56,193,000 and
$28,351,000, respectively. The ratio of earnings to fixed charges if
adjusted to remove nonrecurring items, would have been 0.5 in 1991 and
0.3 in 1990. Without nonrecurring items, earnings would have been
inadequate to cover fixed charges for the three months ended August 31,
1994 and 1993 by $11,784,000 and $8,719,000, respectively, and for the
years ended May 31, 1994, 1993, 1992, 1991 and 1990 by $55,509,000,
$47,029,000, $35,960,000, $14,723,000 and $24,615,000, respectively.