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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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1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
(DOLLARS IN THOUSANDS)
Income before provision for income
taxes................................ $297,499 $197,250 $215,872 $301,233 $260,697
Distributions in excess of equity
earnings of affiliates............ 27,282 9,677 -- -- --
Equity earnings (losses) in excess of
distributions..................... -- -- (4,490) (3,930) (3,808)
Equity in losses of certain
investees......................... 2,614 5,245 5,187 68 183
Interest............................. 125,492 113,989 106,568 77,792 79,354
Amortization of previously
capitalized interest.............. 4,115 3,600 3,440 3,039 2,833
Portion of rent representative of
interest factor................... 13,000 11,000 10,928 11,305 11,173
-------- -------- -------- -------- --------
Income as adjusted................ $470,002 $340,761 $337,505 $389,507 $350,432
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Fixed charges
Interest expense..................... $125,492 $113,989 $106,568 $ 77,792 $ 79,354
Capitalized interest................. 7,000 12,000 5,000 12,000 4,000
Portion of rent representative of
interest factor................... 13,000 11,000 10,928 11,305 11,173
-------- -------- -------- -------- --------
Total fixed charges............... $145,492 $136,989 $122,496 $101,097 $ 94,527
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Ratio of earnings to fixed charges..... 3.23x 2.49x 2.76x 3.85x 3.71x