EXHIBIT 12.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
(UNAUDITED)
YEAR
NINE MONTHS ENDING ENDING
SEPTEMBER 30, DECEMBER 31,
-------------------- ------------
1999 1998 1998
--------- --------- ----------
Fixed charges, as defined
Interest charges $ 28,951 $ 40,401 $ 50,253
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- ---
--------- --------- ----------
Total fixed charges $ 28,951 $ 40,401 $ 50,253
========= ========= ==========
Earnings, as defined (2):
Earnings (loss) from continuing operations
before income taxes, minority interest and
extraordinary item $ 44,937 $(91,533) $(238,609)
Fixed charges, above 28,951 40,401 50,253
Less interest capitalized (10,466) (19,786) (23,215)
Plus undistributed (earnings) loss of affiliates --- --- ---
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- ---
--------- --------- ----------
$ 63,422 $(70,918) $(211,571)
========= ========= ==========
RATIO OF EARNINGS TO FIXED CHARGES (1) (2) 2.2 --- ---
========= ========= ==========
SEVEN MONTHS YEAR
ENDING ENDING
YEAR ENDING DECEMBER 31, DEC. 31, MAY 31,
-------------------------------
1997 1996 1995 1994 1994
--------- --------- --------- ---------- ----------
Fixed charges, as defined
Interest charges $ 50,625 $ 43,884 $ 41,305 $ 20,285 $ 26,951
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- --- 364
--------- --------- --------- ---------- ----------
Total fixed charges $ 50,625 $ 43,884 $ 41,305 $ 20,285 $ 27,315
========= ========= ========= ========== ==========
Earnings, as defined (2):
Earnings (loss) from continuing operations
before income taxes, minority interest and
extraordinary item $ 16,896 $ 20,945 $ 16,600 $ (22,834) $ (23,104)
Fixed charges, above 50,625 43,884 41,305 20,285 27,315
Less interest capitalized (25,818) (27,102) (16,211) (11,833) (16,863)
Plus undistributed (earnings) loss of affiliates --- (118) 2,249 4,102 (645)
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- --- (364)
--------- --------- --------- ---------- ----------
$ 41,703 $ 37,609 $ 43,943 $ (10,280) $ (13,661)
========= ========= ========= ========== ==========
0.8 0.9 1.1 --- ---
RATIO OF EARNINGS TO FIXED CHARGES (1) (2) ========= ========= ========= ========== ==========
____________________
(1) Earnings were inadequate to cover fixed charges for the nine months
ended September 30, 1998 by $111,319,000, 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
$3,597,000 and $198,782,000 for the nine months ended September 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 $121,117,000 for the nine months ended September 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 2.3 and 0.2 for the nine months
ended September 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 nine months ended September 30, 1998 by $33,654,000, 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.