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EXHIBIT 12.1
CITGO PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
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2004 2003 2002 2001 2000
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(Dollars in Thousands)
Income before provision for income taxes $ 923,426 $ 684,210 $ 275,885 $ 597,805 $ 494,637
Distributions in excess of equity
earnings of affiliates 67,146 100,071 22,313 44,521 68,196
Equity earnings (losses) in excess of
distributions - - - - -
Interest 258,445 125,008 74,411 78,292 96,584
Amortization of previously capitalized
interest 4,890 4,177 3,876 3,859 3,709
Portion of rent representative of
interest factor 40,523 38,616 33,916 25,727 21,056
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Income as adjusted $ 1,294,430 $ 952,082 $ 410,401 $ 750,204 $ 684,182
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Fixed charges
Interest expense $ 258,445 $ 125,008 $ 74,411 $ 78,292 $ 96,584
Capitalized interest 7,035 8,629 3,700 2,000 4,000
Portion of rent representative of
interest factor 40,523 38,616 33,916 25,727 21,056
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Total fixed charges $ 306,003 $ 172,253 $ 112,027 $ 106,019 $ 121,640
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Ratio of earnings to fixed charges 4.23 x 5.53 x 3.66 x 7.08 x 5.62 x