1
EXHIBIT 12.1
RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN THOUSANDS)
THREE MONTHS
ENDED
YEARS ENDED DECEMBER 31, MARCH 31,
-------------------------------------------------------- -------------------
1989 1990 1991 1992 1993 1993 1994
--------- --------- --------- --------- -------- -------- --------
Net pretax income............. $ 246,650 $ 268,886 $ 447,972 $ 213,206 $ 26,983(1) $ 65,218 $ 70,384
Fixed charges
Interest expense............ 72,099 82,244 88,377 20,261 30,506 7,299 6,343
Preferred stock dividends of
a subsidiary............. 7,994 11,791 5,934 4,674 1,681 1,263 --
Capitalized debt cost....... 2,736 2,677 3,044 913 1,536 365 394
Interest portion of rent
expenses................. 6,521 6,915 6,201 2,840 2,777 646 694
--------- --------- --------- --------- -------- -------- --------
Total fixed
charges........... 89,350 103,627 103,556 28,688 36,500 9,573 7,431
Less: Capitalized interest,
net...................... 14,169 13,313 39,852 14,408 4,623 6,186 919
--------- --------- --------- --------- -------- -------- --------
75,181 90,314 63,704 14,280 31,877 3,387 6,512
Earnings before fixed
charges..................... $ 321,831 $ 359,200 $ 511,676 $ 227,486 $ 58,860 $ 68,605 $ 76,896
--------- --------- --------- --------- -------- -------- --------
--------- --------- --------- --------- -------- -------- --------
Ratio of earnings to fixed
charges..................... 3.60 3.47 4.94 7.93 1.61 7.17 10.35
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(1) During the third quarter of 1993, the Company recorded a non-cash charge to
depreciation, depletion and amortization of $103 million pretax ($48 million
after-tax) for the write-down of its investment in the U.K. North Sea's
Piper field. Excluding the effect of the Piper write-down, the ratio of
earnings to fixed charges for 1993 would have been 4.45.