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EXHIBIT 12.1
CITGO PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year Ended December 31,
----------------------------------------------------
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
(Dollars in Thousands)
Income before provision
for income taxes $197,250 $215,872 $301,233 $260,697 $189,032
Distributions in excess
of equity earnings
(losses) of affiliates 9,677 - - - 962
Equity earnings (losses)
in excess of
distributions - (4,490) (3,930) (3,808) -
Equity in losses of
certain investees 5,245 5,187 68 183 98
Interest 113,989 106,568 77,792 79,354 77,252
Amount of previously
capitalized interest 3,600 3,440 3,039 2,833 2,849
Portion of rent
representative of
interest factor 11,000 10,928 11,305 11,173 11,522
-------- -------- -------- -------- --------
Income as adjusted $340,761 $337,505 $389,507 $350,432 $281,715
======== ======== ======== ======== ========
Fixed charges
Interest expense $113,989 $106,568 $ 77,792 $ 79,354 $ 77,252
Capitalized interest 12,000 5,000 12,000 4,000 7,000
Portion of rent
representative of
interest factor 11,000 10,928 11,305 11,173 11,522
-------- -------- -------- -------- --------
Total fixed charges $136,989 $122,496 $101,097 $ 94,527 $ 95,774
======== ======== ======== ======== ========
Ratio of earnings to
fixed charges 2.49x 2.76x 3.85x 3.71x 2.94x