EXHIBIT 12.1
PDV AMERICA, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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2001 2000 1999 1998 1997
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(Dollars in Thousands)
Income before provision for income taxes $623,405 $519,399 $200,415 $361,703 $334,185
Distributions in excess of equity
earnings of affiliates 44,521 68,196 82,847 46,180 33,506
Equity earnings (losses) in excess of
distributions -- -- -- -- --
Interest 119,579 149,169 165,351 180,241 209,465
Amortization of previously capitalized
interest 3,859 3,709 3,076 2,858 4,115
Portion of rent representative of
interest factor 14,667 11,667 11,667 11,333 13,000
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Income as adjusted $806,031 $752,140 $463,356 $602,315 $594,271
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Fixed charges
Interest expense $119,579 $149,169 $165,351 $180,241 $209,465
Capitalized interest 2,000 4,000 7,000 5,000 7,800
Portion of rent representative of
interest factor 14,667 11,667 11,667 11,333 13,000
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Total fixed charges $136,246 $164,836 $184,018 $196,574 $230,265
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Ratio of earnings to
fixed charges 5.92 x 4.56 x 2.52 x 3.06 x 2.58 x