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)
YEAR ENDED DECEMBER 31,
-------------------------------
1997 1996 1995
--------- --------- ---------
Fixed charges, as defined:
Interest charges $ 50,625 $ 43,884 $ 41,305
Preference dividend requirements of the Company 400 985 802
Preferred dividend requirements of subsidiaries
adjusted to pre-tax basis --- --- ---
--------- --------- ---------
Total fixed charges $ 51,025 $ 44,869 $ 42,107
--------- --------- ---------
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 51,025 44,869 42,107
Less interest capitalized (25,818) (27,102) (16,211)
Plus undistributed (earnings) loss of affiliates --- (118) 2,249
Less preference dividend requirements of the
Company and its subsidiaries adjusted to pre-tax basis (400) (985) (802)
--------- --------- ---------
$ 41,703 $ 37,609 $ 43,943
--------- --------- ---------
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS (1) (2) 0.8 0.8 1.0
--------- --------- ---------
SEVEN MONTHS
ENDED
DEC. 31, YEAR ENDED MAY 31,
------------------
1994 1994 1993
--------- --------- ----------
Fixed charges, as defined:
Interest charges $ 20,285 $ 26,951 $ 16,336
Preference dividend requirements of the Company 449 --- ---
Preferred dividend requirements of subsidiaries
adjusted to pre-tax basis --- 364 1,551
--------- --------- ----------
Total fixed charges $ 20,734 $ 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 20,734 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 preference dividend requirements of the
Company and its subsidiaries adjusted to pre-tax basis (449) (364) (1,551)
--------- --------- ----------
$ (10,280) $ (13,661) $ (134,504)
--------- --------- ----------
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS (1) (2) --- --- ---
--------- --------- ----------
(1) Earnings were inadequate to cover fixed charges and preference
dividends for the years ended December 31, 1997 and 1996 by $9,322,000 and
$7,260,000, for the seven months ended December 31, 1994 by $31,014,000, 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 combined fixed charges and preference dividends if adjusted to
remove nonrecurring items, would have been 0.7, 1.4 and 0.7 for the years
ended December 31, 1997, 1996 and 1995, respectively. Without nonrecurring
items, earnings would have been inadequate to cover fixed charges and
preference dividends for the years ended December 31, 1997 and 1995 by
$15,575,000 and $10,723,000, for the seven months ended December 31, 1994 by
$30,030,000, and for the years ended May 31, 1994 and 1993 by $51,415,000 and
$45,183,000, respectively.