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EXHIBIT 12.1
El Paso Production Holding Company
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions)
<Table>
<Caption>
FOR THE THREE
MONTHS ENDED
FOR THE YEAR ENDED DECEMBER 31, MARCH 31,
-------------------------------------- --------------
1998 1999 2000 2001 2002 2002 2003
------ ---- ---- ---- ---- ------ -----
Earnings
Pre-tax income (loss) from continuing operations (1,012) (310) 210 220 325 48 148
Minority interest in consolidated subsidiaries -- -- -- 4 3 3 3
(Income)/loss from equity investees -- -- (10) (18) (13) (3) (8)
Pre-tax income (loss) from continuing operations
before minority interest in consolidated
subsidiaries and income from equity investees (1,012) (310) 200 206 315 48 143
Fixed Charges 80 67 -- -- -- -- 5
Distributed income of equity investees -- -- -- -- -- -- --
Capitalized interest (3) (12) -- -- -- -- 1
Preferred returns on consolidated subsidiaries -- -- -- -- -- -- --
Total earnings available for fixed charges (935) (255) 200 206 315 48 149
Fixed charges
Interest and debt costs 78 65 -- -- -- -- 5
Interest component of rent 2 2 -- -- -- -- --
Preferred returns on consolidated subsidiaries -- -- -- -- -- -- --
Total fixed charges 80 67 -- 1 -- -- 5
Ratio of earnings to fixed charges --(1) --(1) --(2) --(2) --(2) --(2) 29(3)
</Table>
(1) Earnings were inadequate to cover fixed charges by $1,015 million and
$322 million for the years ended December 31, 1999 and 1998.
(2) There were no fixed charges for the years ended December 31, 2000, 2001 and
2002 and for the quarter ended March 31, 2002 since we are funded through
equity contributions from El Paso.
(3) In first quarter 2003, we incurred interest costs related to the Red River
financing.