BURLINGTON RESOURCES INC. RATIO OF EARNINGS TO FIXED CHARGES EXHIBIT 12.1 (UNAUDITED) Three Months Ended March 31, Year Ended December 31, ----------------- ------------------------------------------------------------------- 1998 1997 1996 1995 1994 1993 ----------------- ----------- --------- ---------- ---------- --------- (In Millions, Except Ratio Amounts) Earnings Income Before Income Taxes................ $ 66 $ 411 $ 433 $ (543) $ (247) $ 336 Add Interest and fixed charges.............. 36 142 147 147 116 101 Portion of rent under long-term operating leases representative of an interest factor............................... 2 7 8 7 7 7 ----- ----- ----- ------ ------ ----- Total Earnings Available for Fixed Charges................................. $ 104 $ 560 $ 588 $ (389) $ (124) $ 444 ===== ===== ===== ====== ====== ===== Fixed Charges Interest and fixed charges................ $ 36 $ 142 $ 147 $ 147 $ 116 $ 101 Portion of rent under long-term operating leases representative of an interest factor.................................. 2 7 8 7 7 7 Capitalized interest...................... 2 12 14 19 23 22 ----- ----- ----- ------ ------ ----- Total Fixed Charges....................... $ 40 $ 161 $ 169 $ 173 $ 146 $ 130 ===== ===== ===== ====== ====== ===== Ratio of Earnings to Fixed Charges (1)....... 2.60 x 3.48 x 3.48 x - x - x 3.42 x ===== ===== ===== ====== ====== ===== (1) Total earnings available for fixed charges in 1995 and 1994 were inadequate to cover total fixed charges in the amount of approximately $567 million and $274 million, respectively.