EXHIBIT 12.1
CHESAPEAKE ENERGY CORPORATION
RATIOS OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED DIVIDENDS
(DOLLARS IN 000'S)
<Table>
<Caption>
Year Six Months Year Year Year Year Nine Months
Ended Ended Ended Ended Ended Ended Ended
June 30, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, September 30,
1997 1997 1998 1999 2000 2001 2002
--------- ---------- --------- --------- --------- --------- -------------
Income before income taxes and extraordinary
item $(180,330) $ (31,574) $(920,520) $ 35,030 $ 196,162 $ 438,365 $ 23,413
Interest 18,550 17,448 68,249 81,052 86,256 98,321 79,966
Amortization of capitalized interest 8,772 4,386 12,240 1,047 1,226 1,784 1,312
Bond discount amortization (a) -- -- -- -- -- -- --
Loan cost amortization 1,455 794 2,516 3,338 3,669 4,022 3,626
--------- --------- --------- --------- --------- --------- ---------
Earnings $(151,553) $ (8,946) $(837,515) $ 120,467 $ 287,313 $ 542,492 $ 108,317
========= ========= ========= ========= ========= ========= =========
Interest expense $ 18,550 $ 17,448 $ 68,249 $ 81,052 $ 86,256 $ 98,321 $ 79,966
Capitalized interest 12,935 5,087 6,470 3,356 2,452 4,719 3,592
Bond discount amortization (a) -- -- -- -- -- -- --
Loan cost amortization 1,455 794 2,516 3,338 3,669 4,022 3,626
--------- --------- --------- --------- --------- --------- ---------
Fixed Charges $ 32,940 $ 23,329 $ 77,235 $ 87,746 $ 92,377 $ 107,062 $ 87,184
========= ========= ========= ========= ========= ========= =========
Preferred Stock Dividends
Preferred Dividend Requirements $ -- $ -- $ 12,077 $ 16,711 $ 8,484 $ 2,050 $ 7,588
Ratio of income before provision for taxes to
Net Income (b) -- -- N/A 1.05 N/A 1.66 1.67
--------- --------- --------- --------- --------- --------- ---------
Subtotal - Preferred Dividends $ -- $ -- $ 12,077 $ 17,597 $ 8,484 $ 3,411 $ 12,696
Combined Fixed Charges and Preferred Dividends $ 32,940 $ 23,329 $ 89,312 $ 105,343 $ 100,861 $ 110,473 $ 99,880
Ratio of Earnings to Fixed Charges -- -- -- 1.4 3.1 5.1 1.2
Insufficient coverage $ 184,493 $ 32,275 $ 914,750 -- -- -- --
Ratio of Earnings to Combined Fixed Charges and
Preferred Dividends -- -- -- 1.1 2.8 4.9 1.1
Insufficient coverage $ 184,493 $ 32,275 $ 926,827 -- -- -- --
</Table>
(a) Bond discount excluded since its included in interest expense
(b) Represents income (loss) before income taxes and extraordinary item
divided by income (loss) before extraordinary item, which adjusts
dividends on preferred stock to a pre-tax basis.
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