1
EXHIBIT 12.1
TRANSAMERICAN REFINING CORPORATION
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands of dollars)
SIX MONTHS ENDED
YEAR ENDED JULY 31, JANUARY 31,
-------------------------------------------------------- --------------------
1991 1992 1993 1994 1995 1995 1996
-------- -------- -------- -------- -------- -------- --------
Loss before taxes $(11,967) $(14,905) $(19,373) $(17,353) $(64,337) $(23,150) $(26,071)
Add:
Equity in loss of TransTexas -- -- -- -- 13,925 -- 156
Interest expense, net of amounts
capitalized 26 21 17 14 12,504 31 5,978
Portion of rental expense
representative of an interest factor 223 188 186 357 790 360 378
-------- -------- -------- -------- -------- --------
Earnings (B) $(11,718) $(14,696) $(19,170) $(16,982) $(37,118) $(22,759) $(19,559)
======== ======== ======== ======== ======== ======== ========
Fixed charges:
Total interest 26 21 17 14 31,354 3,540 32,180
Portion of rental expense
representative of an interest factor 223 188 186 357 790 360 378
-------- -------- -------- -------- -------- -------- --------
Fixed charges (A) $ 249 $ 209 $ 203 $ 371 $ 32,144 $ 3,900 $ 32,558
======== ======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges
(B divided by A) -- -- -- -- -- -- --
======== ======== ======== ======== ======== ======== ========
Earnings inadequate to cover fixed
charges $ 11,967 $ 14,905 $ 19,373 $ 17,353 $ 69,262 $ 26,659 $ 52,117
======== ======== ======== ======== ======== ======== ========
Three Months Ended
April 30,
-------------------
1995 1996
-------- --------
Income (loss) before taxes $(10,351) $ 46,596
Add:
Equity in (income) loss of TransTexas 842 (1,001)
Interest expense, net of amounts capitalized 4,633 1,088
Portion of rental expense representative
of an interest factor 315 242
-------- --------
Earnings (B) $ (4,561) $ 46,925
======== ========
Fixed charges:
Total interest 11,221 17,705
Portion of rental expense representative
of an interest factor 315 242
-------- --------
Fixed charges (A) $ 11,536 $ 17,947
======== ========
Ratio of earnings to fixed charges (B divided by A) -- 2.6
======== ========
Earnings inadequate to cover fixed charges $ 16,097 $ --
======== ========
2
Exhibit 12.1 (Con't)
TRANSAMERICAN ENERGY CORPORATION (AND PREDECESSOR)
RATIO OF EARNINGS TO FIXED CHARGES
(In thousands of dollars)
Six Months
Ended
YEAR ENDED JULY 31, January 31,
----------------------------------------------------- --------------------
1991 1992 1993 1994 1995 1995 1996
-------- -------- ------- ------- -------- -------- --------
Income (loss) before taxes $43,950 $ 41,778 $90,990 $11,783 $(64,762) $(23,525) $(27,193)
Add:
Interest expense, net of amounts capitalized 2,015 3,173 2,999 51,684 81,012 30,002 49,348
Portion of rental expense representative
of an interest factor 356 403 460 736 1,321 643 715
------- -------- ------- ------- -------- -------- --------
Earnings(B) $46,321 $ 45,354 $94,449 $64,203 $ 17,571 $ 7,120 $ 22,870
======= ======== ======= ======= ======== ======== ========
Fixed charges:
Total interest 2,015 3,173 2,999 52,394 100,745 33,511 82,931
Portion of rental expense representative
of an interest factor 356 403 460 736 1,321 643 715
------- -------- ------- ------- -------- -------- --------
Fixed charges (A) 2,371 $ 3,576 $ 3,459 $53,130 $102,066 34,154 $ 83,646
======= ======== ======= ======= ======== ======== =========
Ratio of earnings to fixed charges (B divided by A) 19.5 12.7 27.3 1.2 -- -- --
======= ======== ======= ======= ======== ======== =========
Earnings inadequate to cover fixed charges $ -- $ -- $ -- $ -- $ 84,495 $ 27,034 $ 60,776
======= ======== ======= ======= ======== ======== =========
Three Months Ended
April 30,
--------------------
1995 1996
-------- -------
Income (loss) before taxes $(11,434) $50,142
Add:
Interest expense, net of amounts capitalized 19,957 23,374
Portion of rental expense representative
of an interest factor 456 472
-------- -------
Earnings(B) $ 8,979 $73,988
======== =======
Fixed charges:
Total interest 27,428 43,674
Portion of rental expense representative
of an interest factor 456 472
-------- -------
Fixed charges (A) $ 27,884 $44,146
======== =======
Ratio of earnings to fixed charges (B divided by A) -- 1.7
======== =======
Earnings inadequate to cover fixed charges $ 18,905 $ --
======== =======