EXHIBIT 12.1

                        PIONEER NATURAL RESOURCES COMPANY
      RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES AND
                            PREFERRED STOCK DIVIDENDS
                          (in thousands, except ratios)

<Table>
<Caption>
                                                       THREE MONTHS                    YEAR ENDED DECEMBER 31,
                                                           ENDED      ------------------------------------------------------
                                                       MARCH 31, 2002   2001      2000      1999        1998         1997
                                                       -------------- --------  --------  --------   ---------   -----------
                                                                                               
Pretax earnings                                         $    (2,369)  $107,765  $158,499  $(23,060)  $(730,826)  $(1,377,563)
                                                        -----------   --------  --------  --------   ---------   -----------

Adjustments:
      Add fixed charges and preferred stock dividends:
           Interest expense                                  26,317    131,958   161,952   170,344     164,285        77,550
           Interest capitalized                               2,131      5,991        --        --          --            --
           Rental expense attributable
             to interest                                        495      2,200     2,333     2,300       2,967         1,233
           Preferred stock dividends                             --         --        --        --          --            --
                                                        -----------   --------  --------  --------   ---------   -----------

           Total fixed charges and
              preferred stock dividends                      28,943    140,149   164,285   172,644     167,252        78,783
                                                        -----------   --------  --------  --------   ---------   -----------

Deduct:
      Interest capitalized                                    2,131      5,991        --        --          --            --
      Preferred stock dividends                                  --         --        --        --          --            --
                                                        -----------   --------  --------  --------   ---------   -----------

           Total deductions                                   2,131      5,991        --        --          --            --
                                                        -----------   --------  --------  --------   ---------   -----------

Adjusted earnings                                       $    24,443   $241,923  $322,784  $149,584   $(563,574)  $(1,298,780)
                                                        ===========   ========  ========  ========   =========   ===========

Ratio of earnings to fixed charges                             0.84       1.73      1.96      0.87       (3.37)       (16.49)
                                                        ===========   ========  ========  ========   =========   ===========

Ratio of earnings to fixed charges
      and preferred stock dividends                            0.84       1.73      1.96      0.87       (3.37)       (16.49)
                                                        ===========   ========  ========  ========   =========   ===========
</Table>


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(1)        Earnings were insufficient to cover fixed charges and preferred stock
           dividends by $4.5 million, $23.1 million, $730.8 million, $1,377.6
           million during the quarter ended March 31, 2002 and for the years
           ended December 31, 1999, 1998 and 1997, respectively.