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)
NINE MONTHS
ENDING
AUG. 14, 2001 - JULY 1, 2001 - SEPTEMBER 30,
SEPT. 30, 2001 AUG. 13, 2001 2000
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Fixed charges, as defined:
<s> <c> <c> <c>
Interest charges $ 6,223 $ 36,951 $ 29,165
Preference dividend requirements of
the Company --- 17,934 22,016
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- ---
--------------- -------------- -------------
Total fixed charges $ 6,223 $ 54,885 $ 51,181
=============== ============== =============
Earnings, as defined (2):
Earnings (loss) from continuing operations
before income taxes, extraordinary item
and cumulative effect $ 8,861 $ 111,669 $ 116,878
Fixed charges, above 6,223 54,885 51,181
Less interest capitalized (4,235) (10,349) (17,213)
Plus undistributed (earnings) loss of affiliates (3) 16 28
Less preference dividend requirements of
the Company and its subsidiaries adjusted
to pre-tax basis --- (17,934) (22,016)
--------------- ------------- -------------
$10,846 $ 138,287 $ 128,858
=============== ============= =============
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS (1) (2) 1.7 2.5 2.5
=============== ============= =============
YEAR ENDING DECEMBER 31,
------------------------------------------------------
2000 1999 1998 1997 1996
--------- --------- ---------- --------- ---------
Fixed charges, as defined:
<s> <c> <c> <c> <c> <c>
Interest charges $ 42,685 $ 38,231 $ 50,253 $ 50,625 $ 43,884
Preference dividend requirements of
the Company 29,278 28,671 3,061 400 985
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- --- ---
--------- --------- ---------- --------- ---------
Total fixed charges $ 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 $136,726 $ 76,177 $(238,609) $ 16,896 $ 20,945
Fixed charges, above 71,963 66,902 53,314 51,025 44,869
Less interest capitalized (24,077) (14,539) (23,215) (25,818) (27,102)
Plus undistributed (earnings) loss of affiliates 35 28 --- --- (118)
Less preference dividend requirements of
the Company and its subsidiaries adjusted
to pre-tax basis (29,278) (28,671) (3,061) (400) (985)
--------- --------- ---------- --------- ---------
$155,369 $ 99,897 $(211,571) $ 41,703 $ 37,609
========= ========= ========== ========= =========
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS (1) (2) 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 charges of $30,000,000 for
January 1, 2001 through August 13, 2001, $18,477,000 for the nine months ended
September 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 1.7 for August 14, 2001 through September 31, 2001, 3.1 for January 1,
2001 through August 13, 2001, 2.9 for the nine months ended September 30, 2001,
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.