Exhibit 12.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
SEVEN MONTHS
THREE MONTHS ENDED YEAR ENDED ENDED
MARCH 31, DEC. 31, DEC. 31,
------------------------------ ------------ --------------
1996 1995 1995 1994
-------------------- -------- ------------ --------------
Fixed charges, as defined (1):
Interest charges $ 11,106 $ 9,586 $ 41,305 $ 20,285
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- ---
-------------------- -------- ------------ --------------
Total fixed charges 11,106 9,586 41,305 20,285
-------------------- -------- ------------ --------------
Earnings, as defined (1) (3):
Earnings (loss) from continuing operations
before income taxes, minority interest,
extraordinary item and cumulative effect of
accounting change 12,044 2,424 16,600 (22,834)
Fixed charges, above 11,106 9,586 41,305 20,285
Less interest capitalized (5,182) (3,766) (16,211) (11,833)
Plus undistributed (earnings) loss of affiliates 46 (2,927) 2,249 4,102
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- ---
-------------------- -------- ------------ --------------
$ 18,014 $ 5,317 $ 43,943 $ (10,280)
-------------------- -------- ------------ --------------
RATIO OF EARNINGS TO FIXED CHARGES (2) (3) 1.6 --- 1.1 ---
-------------------- -------- ------------ --------------
YEARS ENDED MAY 31,
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1994 1993 1992 1991
--------------------- ---------- --------- --------
Fixed charges, as defined (1):
Interest charges $ 26,951 $ 16,336 $ 11,066 $28,056
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis 364 1,551 1,780 2,330
--------------------- ---------- --------- --------
Total fixed charges 27,315 17,887 12,846 30,386
--------------------- ---------- --------- --------
Earnings, as defined (1) (3):
Earnings (loss) from continuing operations
before income taxes, minority interest,
extraordinary item and cumulative effect of
accounting change (23,104) (147,445) (87,124) 21,054
Fixed charges, above 27,315 17,887 12,846 30,386
Less interest capitalized (16,863) (6,407) (6,529) (5,879)
Plus undistributed (earnings) loss of affiliates (645) 3,012 2,558 (2,604)
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis (364) (1,551) (1,780) (2,330)
--------------------- ---------- --------- --------
$ (13,661) $(134,504) $(80,029) $40,627
--------------------- ---------- --------- --------
RATIO OF EARNINGS TO FIXED CHARGES (2) (3) --- --- --- 1.3
--------------------- ---------- --------- --------
(1) Earnings include the Company's equity in the losses of an affiliate
whose debt is guaranteed by the Company. Related interest charges for the
years ended May 31, 1992 and 1991 of $819,000 and $802,000, respectively,
were excluded from fixed charges due to the improbability that such
guarantees would be honored.
(2) Earnings were inadequate to cover fixed charges for the three months
ended March 31, 1995 by $4,269,000, for the seven months ended December 31,
1994 by $30,565,000 and for the years ended May 31, 1994, 1993 and 1992 by
$40,976,000, $152,391,000 and $92,875,000, respectively.
(3) Earnings reflect nonrecurring writedowns and loss provisions of
$350,000 for the three months ended March 31, 1996, $1,058,000 for the year
ended December 31, 1995, $984,000 for the seven months ended December 31,
1994 and $45,754,000, $99,883,000, $48,805,000 and $2,708,000 for the years
ended May 31, 1994, 1993, 1992 and 1991, respectively. Nonrecurring gains
from the sale of assets and other gains aggregated $4,150,000 and $1,875,000
for the three months ended March 31, 1996 and 1995, respectively,
$13,617,000, $56,193,000 and $28,351,000 for the years ended December 31,
1995, May 31, 1994 and 1991, respectively. The ratio of earnings to fixed
charges if adjusted to remove nonrecurring items, would have been 0.8 and 0.6
for the years ended December 31, 1995 and May 31, 1991, respectively.
Without nonrecurring items, earnings would have been inadequate to cover
fixed charges for the three months ended March 31, 1995 by $6,144,000, for
the year ended December 31, 1995 by $9,921,000, for the seven months ended
December 31, 1994 by $29,581,000 and for the years ended May 31, 1994, 1993,
1992 and 1991 by $51,415,000, $45,183,000, $32,301,000 and $11,906,000,
respectively.