EXHIBIT 12.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
(UNAUDITED)
SIX MONTHS ENDING
JUNE 30, YEAR ENDING DECEMBER 31,
------------------- ------------------------------------------------------
<s> <c> <c> <c> <c> <c> <c> <c>
2001 2000 2000 1999 1998 1997 1996
--------- -------- --------- --------- ---------- --------- ---------
Fixed charges, as defined
Interest charges $ 29,141 $19,365 $ 42,685 $ 38,231 $ 50,253 $ 50,625 $ 43,884
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- --- --- --- ---
--------- -------- --------- --------- ---------- --------- ---------
Total fixed charges $ 29,141 $19,365 $ 42,685 $ 38,231 $ 50,253 $ 50,625 $ 43,884
========= ======== ========= ========= ========== ========= =========
Earnings, as defined (2):
Earnings (loss) from continuing operations
before income taxes, extraordinary item
and cumulative effect $124,732 $73,052 $136,726 $ 76,177 $(238,609) $ 16,896 $ 20,945
Fixed charges, above 29,141 19,365 42,685 38,231 50,253 50,625 43,884
Less interest capitalized (8,487) (9,874) (24,077) (14,539) (23,215) (25,818) (27,102)
Plus undistributed (earnings) loss of affiliates 12 59 35 28 --- --- (118)
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- --- --- --- ---
--------- -------- --------- --------- ---------- --------- ---------
$145,398 $82,602 $155,369 $ 99,897 $(211,571) $ 41,703 $ 37,609
========= ======== ========= ========= ========== ========= =========
RATIO OF EARNINGS TO FIXED CHARGES (1) (2) 5.0 4.3 3.6 2.6 --- 0.8 0.9
========= ======== ========= ========= ========== ========= =========
____________________
(1) Earnings were inadequate to cover fixed charges for the years ended
December 31, 1998, 1997 and 1996 by $261,824,000, $8,922,000 and $6,275,000,
respectively.
(2) Earnings reflect nonrecurring writedowns and loss provisions of
$(250,000) for the six months ended June 30, 2000, $55,119,000, $5,159,000,
$348,064,000 and $46,153,000 for the years ended December 31, 2000,
1999, 1998 and 1996, respectively. Nonrecurring gains from the sale of
assets and other gains aggregated $442,000, $125,617,000, $6,253,000 and
$22,189,000 for the years ended December 31, 1999, 1998, 1997 and 1996,
respectively. The ratio of earnings to fixed charges if adjusted to remove
nonrecurring items, would have been 5.0 and 4.3 for the six months ended
June 30, 2001 and 2000, respectively, 4.9, 2.7, 0.2, 0.7 and 1.4 for the
years ended December 31, 2000, 1999, 1998, 1997 and 1996, respectively.
Without nonrecurring items, earnings would have been inadequate to cover
fixed charges for the years ended December 31, 1998 and 1997 by $39,377,000
and $15,175,000, respectively.