EXHIBIT 12.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
(UNAUDITED)
SIX MONTHS ENDED
JUNE 30, YEAR ENDED DECEMBER 31,
----------------------------- ------------------------------------
1997 1996 1996 1995
------------------ --------- ------------------------- ---------
Fixed charges, as defined (1):
Interest charges $ 25,242 $ 22,040 $ 43,884 $ 41,305
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- ---
------------------ --------- ------------------------- ---------
Total fixed charges $ 25,242 $ 22,040 $ 43,884 $ 41,305
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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 $ 6,621 $ 26,738 $ 20,945 $ 16,600
Fixed charges, above 25,242 22,040 43,884 41,305
Less interest capitalized (12,505) (11,610) (27,102) (16,211)
Plus undistributed (earnings) loss of affiliates --- (118) (118) 2,249
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- ---
------------------ --------- ------------------------- ---------
$ 19,358 $ 37,050 $ 37,609 $ 43,943
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RATIO OF EARNINGS TO FIXED CHARGES (2) (3) 0.8 1.7 0.9 1.1
------------------ --------- ------------------------- ---------
SEVEN MONTHS
ENDED
DEC. 31, YEAR ENDED MAY 31,
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1994 1994 1993 1992
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Fixed charges, as defined (1):
Interest charges $ 20,285 $ 26,951 $ 16,336 $ 11,066
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- 364 1,551 1,780
-------------- -------------------- ---------- ---------
Total fixed charges $ 20,285 $ 27,315 $ 17,887 $ 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 $ (22,834) $ (23,104) $(147,445) $(87,124)
Fixed charges, above 20,285 27,315 17,887 12,846
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 preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- (364) (1,551) (1,780)
-------------- -------------------- ---------- ---------
$ (10,280) $ (13,661) $(134,504) $(80,029)
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RATIO OF EARNINGS TO FIXED CHARGES (2) (3) --- --- --- ---
-------------- -------------------- ---------- ---------
(1) Earnings include the Company's equity in the losses of a former
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 six months
ended June 30, 1997 by $5,884,000, 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
$350,000 for the six months ended June 30, 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 $4,842,000 and $13,486,000 for the six months
ended June 30, 1997 and 1996, respectively, $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 0.6 for the six months ended June
30, 1997, 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 six months ended June 30, 1997 by $10,726,000,
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 and 1992 by $51,415,000, $45,183,000 and $32,301,000, respectively.