EXHIBIT 12
NORTHWEST NATURAL GAS COMPANY
Computation of Ratio of Earnings to
Fixed Charges January 1,
1997 - June 30, 2002
(Thousands, except ratio of earnings to fixed charges)
(Unaudited)
12 Months Six Months
Year Ended December 31, Ended Ended
------------------------------------------------------ June 30, June 30,
1997 1998 1999 2000 2001 2002 2002*
------------------------------------------------------ ------------- ----------
Fixed Charges, as Defined:
Interest on Long-Term Debt $ 24,904 $ 27,389 $ 27,728 $ 29,987 $ 30,224 $ 30,896 $ 15,721
Other Interest 4,500 4,909 2,778 3,628 3,772 3,480 865
Amortization of Debt
Discount and Expense 730 714 699 735 768 787 413
Interest Portion of
Rentals................ 2,111 1,986 1,707 1,628 1,572 1,509 786
-------- -------- -------- -------- -------- -------- --------
Total Fixed Charges, as
defined ................ $ 32,245 $ 34,998 $ 32,912 $ 35,978 $ 36,336 $ 36,672 $ 17,785
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Earnings, as Defined:
Net Income ............... $ 43,059 $ 27,301 $ 45,296 $ 50,224 $ 50,187 $ 50,870 $ 31,455
Taxes on Income 21,034 14,604 24,591 26,829 27,553 27,706 17,768
Fixed Charges, as above 32,245 34,998 32,912 35,978 36,336 36,672 17,785
-------- -------- -------- -------- -------- -------- --------
Total Earnings, as defined $ 96,338 $ 76,903 $102,799 $113,031 $114,076 115,248 $ 67,008
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Ratio of Earnings to Fixed
Charges .................... 2.99 2.20 3.12 3.14 3.14 3.14 3.77
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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.