EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to Fixed Charges
January 1, 1996 - June 30, 2001
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)
Six
Months 12 Months
Year Ended December 31, Ended Ended
----------------------------------------------------- June 30, June 30,
1996 1997 1998 1999 2000 2001* 2001
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Fixed Charges, as Defined:
Interest on Long-Term Debt $ 23,176 $ 24,904 $ 27,389 $ 27,728 $ 29,987 $ 15,049 $ 30,116
Other Interest 3,448 4,500 4,909 2,778 3,628 1,157 3,315
Amortization of Debt
Discount and Expense 865 730 714 699 735 394 767
Interest Portion of
Rentals 1,798 2,111 1,986 1,707 1,628 849 1,663
--------- --------- --------- --------- --------- --------- ---------
Total Fixed Charges, as
defined $ 29,287 $ 32,245 $ 34,998 $ 32,912 $ 35,978 $ 17,449 $ 35,861
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Earnings, as Defined:
Net Income $ 46,793 $ 43,059 $ 27,301 $ 45,296 $ 50,224 $ 30,772 $ 46,871
Taxes on Income 27,347 21,034 14,604 24,591 26,829 17,615 26,727
Fixed Charges, as above 29,287 32,245 34,998 32,912 35,978 17,449 35,861
--------- --------- --------- --------- --------- --------- ---------
Total Earnings, as defined $ 103,427 $ 96,338 $ 76,903 $ 102,799 $ 113,031 $ 65,836 $ 109,459
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Ratio of Earnings to Fixed
Charges 3.53 2.99 2.20 3.12 3.14 3.77 3.05
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* A significant part of the business of the Company is of a seasonal nature;
therefore, the ratio of earnings to fixed charges for the interim period is not
necessarily indicative of the results for a full year.