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)
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
Preference dividend requirements of
the Company 14,505 14,680 29,278 28,671 3,061 400 985
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- --- --- --- ---
--------- --------- --------- --------- ---------- --------- ---------
Total fixed charges $ 43,646 $ 34,045 $ 71,963 $ 66,902 $ 53,314 $ 51,025 $ 44,869
========= ========= ========= ========= ========== ========= =========
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 43,646 34,045 71,963 66,902 53,314 51,025 44,869
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 preference dividend requirements of
the Company and its subsidiaries adjusted
to pre-tax basis (14,505) (14,680) (29,278) (28,671) (3,061) (400) (985)
--------- --------- --------- --------- ---------- --------- ---------
$145,398 $ 82,602 $155,369 $ 99,897 $(211,571) $ 41,703 $ 37,609
========= ========= ========= ========= ========== ========= =========
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS (1) (2) 3.3 2.4 2.2 1.5 --- 0.8 0.8
========= ========= ========= ========= ========== ========= =========
____________________
(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
$(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 combined fixed charges and preference dividends if adjusted to
remove nonrecurring items, would have been 3.3 and 2.4 for the six months ended
June 30, 2001 and 2000, respectively, 2.9, 1.6, 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 combined fixed
charges and preference dividends for the years ended December 31, 1998 and 1997
by $42,438,000 and $15,575,000, respectively.