EXHIBIT 12.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
(UNAUDITED)
YEAR ENDED DECEMBER 31,
-------------------------------
1997 1996 1995
--------- --------- ---------
Fixed charges, as defined:
Interest charges $ 50,625 $ 43,884 $ 41,305
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- ---
--------- --------- ---------
Total fixed charges $ 50,625 $ 43,884 $ 41,305
--------- --------- ---------
Earnings, as defined (2):
Earnings (loss) from continuing operations
before income taxes, minority interest,
extraordinary item and cumulative effect of
accounting change $ 16,896 $ 20,945 $ 16,600
Fixed charges, above 50,625 43,884 41,305
Less interest capitalized (25,818) (27,102) (16,211)
Plus undistributed (earnings) loss of affiliates --- (118) 2,249
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- ---
--------- --------- ---------
$ 41,703 $ 37,609 $ 43,943
--------- --------- ---------
RATIO OF EARNINGS TO FIXED CHARGES (1) (2) 0.8 0.9 1.1
--------- --------- ---------
SEVEN MONTHS
ENDED YEAR ENDED MAY 31,
DEC. 31, ---------------------
1994 1994 1993
--------- --------- ----------
Fixed charges, as defined:
Interest charges $ 20,285 $ 26,951 $ 16,336
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- 364 1,551
--------- --------- ----------
Total fixed charges $ 20,285 $ 27,315 $ 17,887
--------- --------- ----------
Earnings, as defined (2):
Earnings (loss) from continuing operations
before income taxes, minority interest,
extraordinary item and cumulative effect of
accounting change $ (22,834) $ (23,104) $ (147,445)
Fixed charges, above 20,285 27,315 17,887
Less interest capitalized (11,833) (16,863) (6,407)
Plus undistributed (earnings) loss of affiliates 4,102 (645) 3,012
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- (364) (1,551)
--------- --------- ----------
$ (10,280) $ (13,661) $ (134,504)
--------- --------- ----------
RATIO OF EARNINGS TO FIXED CHARGES (1) (2) --- --- ---
--------- --------- ----------
(1) Earnings were inadequate to cover fixed charges for the years ended
December 31, 1997 and 1996 by $8,922,000 and $6,275,000, for the seven months
ended December 31, 1994 by $30,565,000, and for the years ended May 31, 1994
and 1993 by $40,976,000 and $152,391,000, respectively.
(2) 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 and
$99,883,000 for the years ended May 31, 1994 and 1993, respectively.
Nonrecurring gains from the sale of assets and other gains aggregated
$6,253,000, $22,189,000, $13,617,000 and $56,193,000 for the years ended
December 31, 1997, 1996 and 1995, and May 31, 1994, respectively. The ratio of
earnings to fixed charges if adjusted to remove nonrecurring items, would have
been 0.7, 1.4 and 0.8 for the years ended December 31, 1997, 1996 and 1995,
respectively. Without nonrecurring items, earnings would have been inadequate
to cover fixed charges for the years ended December 31, 1997 and 1995 by
$15,175,000 and $9,921,000, for the seven months ended December 31, 1994 by
$29,581,000, and for the years ended May 31, 1994 and 1993 by $51,415,000 and
$45,183,000, respectively.