EXHIBIT 12.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
(UNAUDITED)
SEVEN MONTHS
SIX MONTHS ENDING ENDING
JUNE 30, YEAR ENDING DECEMBER 31, DEC. 31,
--------------------- -------------------------------------------
1999 1998 1998 1997 1996 1995 1994
--------- ---------- ---------- --------- --------- --------- ----------
Fixed charges, as defined:
Interest charges $19,452 $ 25,487 $ 50,253 $ 50,625 $ 43,884 $ 41,305 $ 20,285
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- --- --- --- ---
-------- ---------- ---------- --------- --------- --------- ----------
Total fixed charges $19,452 $ 25,487 $ 50,253 $ 50,625 $ 43,884 $ 41,305 $ 20,285
======== ========== ========== ========= ========= ========= ==========
Earnings, as defined (2):
Earnings (loss) from continuing operations
before income taxes, minority interest and
extraordinary item $22,484 $(141,527) $(238,609) $ 16,896 $ 20,945 $ 16,600 $ (22,834)
Fixed charges, above 19,452 25,487 50,253 50,625 43,884 41,305 20,285
Less interest capitalized (6,851) (14,632) (23,215) (25,818) (27,102) (16,211) (11,833)
Plus undistributed (earnings) loss of affiliates --- --- --- --- (118) 2,249 4,102
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- --- --- --- ---
-------- ---------- ---------- --------- --------- --------- ----------
$35,085 $(130,672) $(211,571) $ 41,703 $ 37,609 $ 43,943 $ (10,280)
======== ========== ========== ========= ========= ========= ==========
RATIO OF EARNINGS TO FIXED CHARGES (1) (2) 1.8 --- --- 0.8 0.9 1.1 ---
======== ========== ========== ========= ========= ========= ==========
YEAR
ENDING
MAY 31,
1994
---------
Fixed charges, as defined:
Interest charges $ 26,951
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis 364
----------
Total fixed charges $ 27,315
==========
Earnings, as defined (2):
Earnings (loss) from continuing operations
before income taxes, minority interest and
extraordinary item $ (23,104)
Fixed charges, above 27,315
Less interest capitalized (16,863)
Plus undistributed (earnings) loss of affiliates (645)
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis (364)
----------
$ (13,661)
==========
RATIO OF EARNINGS TO FIXED CHARGES (1) (2) ---
==========
____________________
(1) Earnings were inadequate to cover fixed charges for the six months ended
June 30, 1998 by $156,159,000, for the years ended December 31, 1998, 1997 and
1996 by $261,824,000, $8,922,000 and $6,275,000, respectively, for the seven
months ended December 31, 1994 by $30,565,000 and for the year ended May 31,
1994 by $40,976,000.
(2) Earnings reflect nonrecurring writedowns and loss provisions of
$1,220,000 and $182,672,000 for the six months ended June 30, 1999 and 1998,
respectively, $348,064,000, $46,153,000 and $1,058,000 for the years ended
December 31, 1998, 1996 and 1995, respectively, $984,000 for the seven months
ended December 31, 1994 and $45,754,000 for the year ended May 31, 1994,
respectively. Nonrecurring gains from the sale of assets and other gains
aggregated $442,000 and $52,127,000 for the six months ended June 30, 1999 and
1998, respectively, $125,617,000, $6,253,000, $22,189,000, $13,617,000 and
$56,193,000 for the years ended December 31, 1998, 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 1.8 and nil for the six months ended
June 30, 1999 and 1998, respectively, 0.2, 0.7, 1.4 and 0.8 for the years ended
December 31, 1998, 1997, 1996 and 1995, respectively. Without nonrecurring
items, earnings would have been inadequate to cover fixed charges for the six
months ended June 30, 1998 by $25,614,000, for the years ended December 31,
1998, 1997 and 1995 by $39,377,000, $15,175,000 and $9,921,000, respectively,
for the seven months ended December 31, 1994 by $29,581,000 and for the year
ended May 31, 1994 by $51,415,000.