EXHIBIT 12.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
(UNAUDITED)
SEVEN MONTHS
YEAR ENDED ENDED
DECEMBER 31, DEC. 31, YEAR ENDED MAY 31,
------------------------- --------------------------------
1996 1995 1994 1994 1993
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Fixed charges, as defined (1):
Interest charges $ 43,884 $ 41,305 $ 20,285 $ 26,951 $ 16,336
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- 364 1,551
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Total fixed charges $ 43,884 $ 41,305 $ 20,285 $ 27,315 $ 17,887
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Earnings, as defined (1) (3):
Earnings (loss) from continuing operations
before income taxes, minority interest,
extraordinary item and cumulative effect of
accounting change $ 20,945 $ 16,600 $ (22,834) $ (23,104) $(147,445)
Fixed charges, above 43,884 41,305 20,285 27,315 17,887
Less interest capitalized (27,102) (16,211) (11,833) (16,863) (6,407)
Plus undistributed (earnings) loss of affiliates (118) 2,249 4,102 (645) 3,012
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- (364) (1,551)
-------------- --------- -------------- -------------------- ----------
$ 37,609 $ 43,943 $ (10,280) $ (13,661) $(134,504)
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RATIO OF EARNINGS TO FIXED CHARGES (2) (3) 0.9 1.1 --- --- ---
-------------- --------- -------------- -------------------- ----------
YEAR ENDED
MAY 31,
---------
1992
---------
Fixed charges, as defined (1):
Interest charges $ 11,066
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis 1,780
---------
Total fixed charges $ 12,846
---------
Earnings, as defined (1) (3):
Earnings (loss) from continuing operations
before income taxes, minority interest,
extraordinary item and cumulative effect of
accounting change $(87,124)
Fixed charges, above 12,846
Less interest capitalized (6,529)
Plus undistributed (earnings) loss of affiliates 2,558
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis (1,780)
---------
$(80,029)
---------
RATIO OF EARNINGS TO FIXED CHARGES (2) (3) ---
---------
(1) Earnings include the Company's equity in the losses of an affiliate
whose debt was guaranteed by the Company. Related interest charges for the
year ended May 31, 1992 of $819,000 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 year ended
December 31, 1996 by $6,275,000, 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
$46,153,000 and $1,058,000 for the years ended December 31, 1996 and 1995,
$984,000 for the seven months ended December 31, 1994, and $45,754,000,
$99,883,000 and $48,805,000 for the years ended May 31, 1994, 1993 and 1992,
respectively. Nonrecurring gains from the sale of assets and other gains
aggregated $22,189,000, $13,617,000 and $56,193,000 for the years
ended December 31, 1996 and 1995, and May 31, 1994, respectively. The ratio of
earnings to fixed charges if adjusted to remove nonrecurring items, would have
been 1.4 and 0.8 for the years ended December 31, 1996 and 1995, respectively.
Without nonrecurring items, earnings would have been inadequate to cover
fixed charges 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 and 1992 by $51,415,000, $45,183,000 and $32,301,000,
respectively.