Exhibit 12.1
PDV America, Inc. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
Year Ended December 31,
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1998 1997 1996 1995 1994
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(Dollars in Thousands)
Income before provision for income taxes 361,703 334,185 215,781 226,482 322,940
Distributions in excess of equity
earnings 46,180 33,506 -- -- --
Equity earnings (losses) in excess of
distributions -- -- (8,672) (19,090) (14,991)
Interest 180,241 209,465 194,362 186,546 157,575
Amortization of previously capitalized
interest 2,858 4,115 3,600 3,440 3,039
Portion of rent representative of interest
factor 11,333 13,000 11,000 10,928 11,305
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Total earnings 602,315 594,271 416,071 408,306 479,868
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Fixed Charges
Interest expense 180,241 209,465 194,362 186,546 157,575
Capitalized interest 5,000 7,800 12,000 5,000 12,000
Portion of rent representative of interest
factor 11,333 13,000 11,000 10,928 11,305
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Total fixed charges 196,574 230,265 217,362 202,474 180,880
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Ratio of earnings to fixed charges 3.06x 2.58x 1.91x 2.02x 2.65x