EXHIBIT 12.2 SNYDER OIL CORPORATION COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS (Unaudited) ------------------------------------------------------------ 1997 1996 1995 1994 1993 ------------------------------------------------------------ (In thousands, except share data) Income (loss) before taxes, minority interest and extraordinary item $57,440 $74,701 ($40,604) $13,510 $22,538 Interest expense 25,472 23,587 21,679 10,337 5,315 ------- ------- -------- -------- ------ Earnings before taxes, minority interest, extraordinary item and interest expense $82,912 $98,288 ($18,925) $23,847 $27,853 ------- ------- --------- ------- ------ Interest expense $25,472 $23,587 $21,679 $10,337 $ 5,315 Preferred stock dividends 4,929(2) 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 $34,303 $31,746 $27,889 $21,143 $14,415 ------- ------- ------- ------- ------ Ratio of earnings to combined fixed charges and preferred dividends 2.42 3.10 N/A(1) 1.13 1.93 ------- ------- -------- -------- ------- (1) Earnings were inadequate to cover combined fixed charges and preferred dividends by $46.8 million. (2) Excludes redemption premium of $1.0 million.