1
EXHIBIT 12.1
TransAmerican Refining Corporation
Ratio of Earnings to Fixed Charges
(In thousands of dollars)
Nine Months Ended Six Months Ended
October 31, Year Ended January 31, January 31,
---------------------- ---------------------------------- ----------------------
1998 1997 1998 1997 1996 1996 1995
---- ---- ---- ---- ---- ---- ----
Income (loss) before taxes $ (41,181) $ (89,985) $(112,008) $ 9,406 $ (67,258) $ (26,071) $ (23,150)
Add:
Equity in (income) loss of
TransTexas 229 (35,027) (34,394) (12,325) 14,081 156 --
Interest expense, net of
amounts capitalized 10,785 13,870 20,446 4,663 18,451 5,978 31
Portion of rental expense
representative of an
interest factor 114 724 747 834 794 378 360
--------- --------- --------- --------- --------- --------- ---------
Earnings(A) $ (30,053) $(110,418) $(125,209) $ 2,578 $ (33,932) $ (19,559) $ (22,759)
========= ========= ========= ========= ========= ========= =========
Fixed charges:
Total interest $ 129,519 $ 78,776 $ 113,400 $ 73,503 $ 59,994 $ 32,180 $ 3,540
Portion of rental expense
representative of an
interest factor 114 724 747 834 794 378 360
--------- --------- --------- --------- --------- --------- ---------
Fixed Charges(B) $ 129,633 $ 79,500 $ 114,147 $ 74,337 $ 60,788 $ 32,558 $ 3,900
========= ========= ========= ========= ========= ========= =========
Ratio of earnings to fixed
charges(A/B) -- -- -- -- -- -- --
========= ========= ========= ========= ========= ========= =========
Earnings inadequate to cover
fixed charges $ 159,686 $ 189,918 $ 239,356 $ 71,759 $ 94,720 $ 52,117 $ 26,659
========= ========= ========= ========= ========= ========= =========
Year Ended July 31,
----------------------------------
1995 1994 1993
---- ---- ----
Income (loss) before taxes $ (64,337) $ (17,353) $ (19,373)
Add:
Equity in (income) loss of
TransTexas 13,925 -- --
Interest expense, net of
amounts capitalized 12,504 14 17
Portion of rental expense
representative of an
interest factor 790 357 186
--------- --------- ---------
Earnings(A) $ (37,118) $ (16,982) $ (19,170)
========= ========= =========
Fixed charges:
Total interest $ 31,354 $ 14 $ 17
Portion of rental expense
representative of an
interest factor 790 357 186
--------- --------- ---------
Fixed Charges(B) $ 32,144 $ 371 $ 203
========= ========= =========
Ratio of earnings to fixed
charges(A/B) -- -- --
========= ========= =========
Earnings inadequate to cover
fixed charges $ 69,262 $ 17,353 $ 19,373
========= ========= =========