EXHIBIT 12.1
PDV AMERICA, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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1996 1995 1994 1993 1992
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(Dollars in Thousands)
Income before provision
for income taxes $ 215,781 $ 226,482 $ 322,940 $ 252,373 $ 174,212
Equity earnings in excess of
distributions (8,672) (19,090) (14,991) (11,828) (19,166)
Equity in losses of certain
investees 5,245 5,187 68 183 98
Interest 194,362 186,546 157,575 136,857 120,368
Amortization of previously
capitalized interest 3,600 3,440 3,039 2,433 2,849
Portion of rent representative of
interest factor 11,000 10,928 11,305 11,173 11,522
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Total earnings $ 421,316 $ 413,493 $ 479,936 $ 391,191 $ 289,883
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Fixed charges
Interest expense $ 194,362 $ 186,546 $ 157,575 $ 136,857 $ 120,368
Capitalized interest 12,000 5,000 12,000 4,000 7,000
Portion of rent representative of
interest factor 11,000 10,928 11,305 11,173 11,522
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Total fixed charges $ 217,362 $ 202,474 $ 180,880 $ 152,030 $ 138,890
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Ratio of earnings to fixed charges 1.94 x 2.04 x 2.65 x 2.57 x 2.09 x