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EXHIBIT 12.1
Computation of Ratio of Earnings To Fixed Charges
For the Five Years Ended December 31, 1999
(Unaudited)
(Dollars in Millions)
Year Ended December 31,
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1999 1998 1997 1996 1995
---- ---- ---- ---- ----
Earnings (Loss)
Income (Loss) Before Income Taxes..................... $ 23 $(598) $470 $473 $(669)
Add
Interest and fixed charges.......................... 211 193 174 170 164
Portion of rent under long-term operating
leases representative of an interest factor....... 8 7 8 9 8
---- ----- ---- ---- -----
Total Earnings (Loss) Available for Fixed Charges..... $242 $(398) $652 $652 $(497)
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Fixed Charges
Interest and fixed charges............................ $211 $ 193 $174 $170 $ 164
Portion of rent under long-term operating
leases representative of an interest factor......... 8 7 8 9 8
Capitalized interest.................................. -- 14 12 14 19
---- ----- ---- ---- -----
Total Fixed Charges................................... $219 $ 214 $194 $193 $ 191
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Ratio of Earnings to Fixed Charges(1)................... 1.11x 0.00x 3.36x 3.38x 0.00x
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(1) Total earnings available for fixed charges in 1998 and 1995 were inadequate
to cover fixed charges in the amount of approximately $612 million and $688
million, respectively. The total earnings available for fixed charges in
1998 and 1995 were inadequate to cover total fixed charges due to the
impairment of oil and gas properties.