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EXHIBIT 12.1
PDV AMERICA, INC. AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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2002 2001 2000 1999 1998
-------- -------- -------- -------- --------
(Dollars in Thousands)
Income before provision for income taxes $299,671 $623,405 $519,399 $200,415 $361,703
Distributions in excess of equity
earnings of affiliates 22,313 44,521 68,196 82,847 46,180
Equity earnings (losses) in excess of
distributions -- -- -- -- --
Interest 115,582 119,579 149,169 165,351 180,241
Amortization of previously capitalized
interest 3,876 3,859 3,709 3,076 2,858
Portion of rent representative of
interest factor 33,916 25,727 21,056 21,056 20,722
-------- -------- -------- -------- --------
Income as adjusted $475,358 $817,091 $761,529 $472,745 $611,704
======== ======== ======== ======== ========
Fixed charges
Interest expense $115,582 $119,579 $149,169 $165,351 $180,241
Capitalized interest 3,700 2,000 4,000 7,000 5,000
Portion of rent representative of
interest factor 33,916 25,727 21,056 21,056 20,722
-------- -------- -------- -------- --------
Total fixed charges $153,198 $147,306 $174,225 $193,407 $205,963
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges 3.10x 5.55x 4.37x 2.44x 2.97x