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)
THREE MONTHS ENDED
MARCH 31, YEAR ENDED DECEMBER 31,
------------------------------ ------------------------------------
1997 1996 1996 1995
-------------------- -------- ------------------------- ---------
Fixed charges, as defined (1):
Interest charges $ 11,641 $11,106 $ 43,884 $ 41,305
Preference dividend requirements of the Company 213 772 985 802
Preferred dividend requirements of subsidiaries
adjusted to pre-tax basis --- --- --- ---
-------------------- -------- ------------------------- ---------
Total fixed charges $ 11,854 $11,878 $ 44,869 $ 42,107
-------------------- -------- ------------------------- ---------
Earnings, as defined (1) (3):
Earnings (loss) from continuing operations
before income taxes, minority interest,
extraordinary item and cumulative effect of
accounting change $ 4,413 $12,044 $ 20,945 $ 16,600
Fixed charges, above 11,854 11,878 44,869 42,107
Less interest capitalized (6,361) (5,182) (27,102) (16,211)
Plus undistributed (earnings) loss of affiliates --- 46 (118) 2,249
Less preference dividend requirements of the
Company and its subsidiaries adjusted to pre-tax basis (213) (772) (985) (802)
-------------------- -------- ------------------------- ---------
$ 9,693 $18,014 $ 37,609 $ 43,943
-------------------- -------- ------------------------- ---------
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS (2) (3) 0.8 1.5 0.8 1.0
-------------------- -------- ------------------------- ---------
SEVEN MONTHS
ENDED
DEC. 31, YEAR ENDED MAY 31,
-------------------------------------------
1994 1994 1993 1992
-------------- -------------------- ---------- ---------
Fixed charges, as defined (1):
Interest charges $ 20,285 $ 26,951 $ 16,336 $ 11,066
Preference dividend requirements of the Company 449 --- --- 1,386
Preferred dividend requirements of subsidiaries
adjusted to pre-tax basis --- 364 1,551 1,780
-------------- -------------------- ---------- ---------
Total fixed charges $ 20,734 $ 27,315 $ 17,887 $ 14,232
-------------- -------------------- ---------- ---------
Earnings, as defined (1) (3):
Earnings (loss) from continuing operations
before income taxes, minority interest,
extraordinary item and cumulative effect of
accounting change $ (22,834) $ (23,104) $(147,445) $(87,124)
Fixed charges, above 20,734 27,315 17,887 14,232
Less interest capitalized (11,833) (16,863) (6,407) (6,529)
Plus undistributed (earnings) loss of affiliates 4,102 (645) 3,012 2,558
Less preference dividend requirements of the
Company and its subsidiaries adjusted to pre-tax basis (449) (364) (1,551) (3,166)
-------------- -------------------- ---------- ---------
$ (10,280) $ (13,661) $(134,504) $(80,029)
-------------- -------------------- ---------- ---------
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS (2) (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 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 and preference dividends
for the three months ended March 31, 1997 by $2,161,000, for the year
ended December 31, 1996 by $7,260,000, for the seven months ended December
31, 1994 by $31,014,000 and for the years ended May 31, 1994, 1993
and 1992 by $40,976,000, $152,391,000 and $94,261,000, respectively.
(3) Earnings reflect nonrecurring writedowns and loss provisions of $350,000
for the three months ended March 31, 1996, $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 $4,150,000 for the
three months ended March 31, 1996, $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 combined fixed charges and
preference dividends if adjusted to remove nonrecurring items, would have
been 1.4 and 0.7 for the years ended December 31, 1996 and 1995,
respectively. Without nonrecurring items, earnings would have been
inadequate to cover fixed charges and preference dividends for the year
ended December 31, 1995 by $10,723,000, for the seven months ended December
31, 1994 by $30,030,000 and for the years ended May 31, 1994, 1993 and 1992
by $51,415,000, $45,183,000 and $33,687,000, respectively.