EXHIBIT 12.2
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERENCE
DIVIDENDS
(IN THOUSANDS, EXCEPT RATIOS)
(UNAUDITED)
THREE MONTHS ENDING
MARCH 31, YEAR ENDING DECEMBER 31,
------------------ ------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
-------- -------- --------- ---------- --------- --------- ---------
Fixed charges, as defined:
Interest charges $ 9,520 $ 9,740 $ 38,231 $ 50,253 $ 50,625 $ 43,884 $ 41,305
Preference dividend requirements of
the Company 163 180 28,671 3,061 400 985 802
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- --- --- --- ---
-------- -------- --------- ---------- --------- --------- ---------
Total fixed charges $ 9,683 $ 9,920 $ 66,902 $ 53,314 $ 51,025 $ 44,869 $ 42,107
======== ======== ========= ========== ========= ========= =========
Earnings, as defined (2):
Earnings (loss) from continuing operations
before income taxes and extraordinary item $37,075 $ 6,186 $ 76,177 $(238,609) $ 16,896 $ 20,945 $ 16,600
Fixed charges, above 9,683 9,920 66,902 53,314 51,025 44,869 42,107
Less interest capitalized (4,523) (3,390) (14,539) (23,215) (25,818) (27,102) (16,211)
Plus undistributed (earnings) loss of affiliates 13 --- 28 --- --- (118) 2,249
Less preference dividend requirements of
the Company and its subsidiaries adjusted
to pre-tax basis (163) (180) (28,671) (3,061) (400) (985) (802)
-------- -------- --------- ---------- --------- --------- ---------
$42,085 $12,536 $ 99,897 $(211,571) $ 41,703 $ 37,609 $ 43,943
======== ======== ========= ========== ========= ========= =========
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS (1) (2) 4.3 1.3 1.5 --- 0.8 0.8 1.0
======== ======== ========= ========== ========= ========= =========
____________________
(1) Earnings were inadequate to cover combined fixed charges and preference
dividends for the years ended December 31, 1998, 1997 and 1996 by $264,885,000,
$9,322,000 and $7,260,000, respectively.
(2) Earnings reflect nonrecurring writedowns and loss provisions of
$1,220,000 for the three months ended March 31, 1999, $5,159,000, $348,064,000,
$46,153,000 and $1,058,000 for the years ended December 31, 1999, 1998, 1996 and
1995, respectively. Nonrecurring gains from the sale of assets and other gains
aggregated $442,000, $125,617,000, $6,253,000, $22,189,000 and $13,617,000 for
the years ended December 31, 1999, 1998, 1997, 1996 and 1995, respectively. The
ratio of earnings to combined fixed charges and preference dividends if adjusted
to remove nonrecurring items, would have been 1.4 for the three months ended
March 31, 1999, 1.6, 0.2, 0.7, 1.4 and 0.7 for the years ended December 31,
1999, 1998, 1997, 1996 and 1995, respectively. Without nonrecurring items,
earnings would have been inadequate to cover combined fixed charges and
preference dividends for the years ended December 31, 1998, 1997 and 1995 by
$42,438,000, $15,575,000 and $10,723,000, respectively.