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)
SEVEN MONTHS
NINE MONTHS ENDED ENDED
SEPTEMBER 30, YEAR ENDED DECEMBER 31, DEC. 31,
------------------------ ---------------------------------
1998 1997 1997 1996 1995 1994
----------- ----------- --------- --------- --------- -----------
Fixed charges, as defined:
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Interest charges $ 40,401 $ 37,775 $ 50,625 $ 43,884 $ 41,305 $ 20,285
Preference dividend requirements of the Company 368 400 400 985 802 449
Preferred dividend requirements of subsidiaries
adjusted to pre-tax basis --- --- --- --- --- ---
----------- ----------- --------- --------- --------- ----------
Total fixed charges $ 40,769 $ 38,175 $ 51,025 $ 44,869 $ 42,107 $ 20,734
=========== =========== ========= ========= ========= ==========
Earnings, as defined (2):
Earnings (loss) from continuing operations
before income taxes, minority interest,
extraordinary item and cumulative effect of
accounting change $ (91,533) $ 17,932 $ 16,896 $ 20,945 $ 16,600 $ (22,834)
Fixed charges, above 40,769 38,175 51,025 44,869 42,107 20,734
Less interest capitalized (19,786) (19,105) (25,818) (27,102) (16,211) (11,833)
Plus undistributed (earnings) loss of affiliates --- --- --- (118) 2,249 4,102
Less preference dividend requirements of the
Company and its subsidiaries adjusted to
pre-tax basis (368) (400) (400) (985) (802) (449)
----------- ----------- --------- --------- --------- ----------
$ (70,918) $ 36,602 $ 41,703 $ 37,609 $ 43,943 $ (10,280)
=========== =========== ========= ========= ========= ==========
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS (1) (2) --- 1.0 0.8 0.8 1.0 ---
=========== =========== ========= ========= ========= ==========
YEAR ENDED MAY 31,
------------------------------
1994 1993
----------- -----------
Fixed charges, as defined:
Interest charges $ 26,951 $ 16,336
Preference dividend requirements of the Company --- ---
Preferred dividend requirements of subsidiaries
adjusted to pre-tax basis 364 1,551
---------- -----------
Total fixed charges $ 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 $ (23,104) $ (147,445)
Fixed charges, above 27,315 17,887
Less interest capitalized (16,863) (6,407)
Plus undistributed (earnings) loss of affiliates (645) 3,012
Less preference dividend requirements of the
Company and its subsidiaries adjusted to
pre-tax basis (364) (1,551)
---------- -----------
$ (13,661) $ (134,504)
========== ===========
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS (1) (2) --- ---
========== ===========
____________________
(1) Earnings were inadequate to cover combined fixed charges and preference
dividends for the nine months ended September 30, 1998 and 1997 by $111,687,000
and $1,573,000, respectively, for the years ended December 31, 1997 and 1996 by
$9,322,000 and $7,260,000, respectively, 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
$198,782,000 for the nine months ended September 30, 1998, $46,153,000 and
$1,058,000 for the years ended December 31, 1996 and 1995, respectively,
$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
$121,117,000 and $6,253,000 for the nine months ended September 30, 1998 and
1997, respectively, $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 0.2 and 0.8 for the nine months
ended September 30, 1998 and 1997, respectively, 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 combined fixed charges and
preference dividends for the nine months ended September 30, 1998 and 1997 by
$34,022,000 and $7,826,000, respectively, for the years ended December 31, 1997
and 1995 by $15,175,000 and $10,723,000, respectively, 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.