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
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
Preference dividend requirements of the Company 13,945 187 3,061 400 985 802 449
Preferred dividend requirements of subsidiaries
adjusted to pre-tax basis --- --- --- --- --- --- ---
--------- ---------- ---------- --------- --------- --------- ----------
Total fixed charges $ 33,397 $ 25,674 $ 53,314 $ 51,025 $ 44,869 $ 42,107 $ 20,734
========= ========== ========== ========= ========= ========= ==========
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 33,397 25,674 53,314 51,025 44,869 42,107 20,734
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 preference dividend requirements of the
Company and its subsidiaries adjusted to
pre-tax basis (13,945) (187) (3,061) (400) (985) (802) (449)
--------- ---------- ---------- --------- --------- --------- ----------
$ 35,085 $(130,672) $(211,571) $ 41,703 $ 37,609 $ 43,943 $ (10,280)
========= ========== ========== ========= ========= ========= ==========
RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERENCE DIVIDENDS (1) (2) 1.1 --- --- 0.8 0.8 1.0 ---
========= ========== ========== ========= ========= ========= ==========
YEAR
ENDING
MAY 31,
1994
----------
Fixed charges, as defined:
Interest charges $ 26,951
Preference dividend requirements of the Company ---
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 preference dividend requirements of the
Company and its subsidiaries adjusted to
pre-tax basis (364)
----------
$ (13,661)
==========
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 six months ended June 30, 1998 by $156,346,000, for the years
ended December 31, 1998, 1997 and 1996 by $264,885,000, $9,322,000 and
$7,260,000, respectively, for the seven months ended December 31, 1994 by
$31,014,000 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.
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 combined fixed charges and preference dividends if adjusted
to remove nonrecurring items, would have been 1.1 and nil for the six months
ended June 30, 1999 and 1998, respectively, 0.2, 0.7, 1.4 and 0.7 for the years
ended December 31, 1998, 1997, 1996 and 1995, respectively. Without
nonrecurring items, earnings would have been inadequate to cover combined fixed
charges and preference dividends for the six months ended June 30, 1998 by
$25,801,000, for the years ended December 31, 1998, 1997 and 1995 by
$42,438,000, $15,575,000 and $10,723,000, respectively, for the seven months
ended December 31, 1994 by $30,030,000 and for the year ended May 31, 1994 by
$51,415,000.