EXHIBIT 12.1
LOUIS DREYFUS NATURAL GAS CORP.
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED STOCK DIVIDENDS
For purposes of these computations, earnings consist of income before income
taxes and fixed charges excluding capitalized interest. Fixed charges consist of
interest expense, including amortization of debt discount and financing costs,
capitalized interest, the portion of rental expense which LDNG believes is
representative of the interest component of rental expense.
YEARS ENDED DECEMBER 31, SIX MONTHS SIX MONTHS
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1994 1995 1996 1997 1998 JUNE 30, 1998 JUNE 30, 1999
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(DOLLARS IN THOUSANDS, EXCEPT RATIO DATA)
EARNINGS:
Income (loss) before income taxes................. $16,038 $15,739 $31,500 $(27,323) $(58,205) $ (20,170) $ 5,182
Interest.......................................... 16,856 21,736 26,822 28,737 40,849 20,418 20,247
Amortization of debt issue costs.................. 894 1,111 1,073 847 588 292 295
Interest portion of rental expense................ 293 291 307 375 692 369 245
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$34,081 $38,877 $59,702 $ 2,636 $(16,076) $ 909 $ 25,969
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FIXED CHARGES:
Interest.......................................... $16,856 $21,736 $26,822 $ 28,737 $ 40,849 $ 20,418 $ 20,247
Capitalized interest.............................. -- 266 431 998 3,272 1,685 1,072
Amortization of debt issue costs.................. 894 1,111 1,073 847 588 292 295
Interest portion of rental expense................ 293 291 307 375 692 369 245
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$18,043 $23,404 $28,633 $ 30,957 $ 45,401 $ 22,764 $ 21,859
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Ratio of earnings to combined fixed charges(1).... 1.9:1 1.7:1 2.1:1 NM NM NM 1.2:1
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(1) Earnings were insufficient to cover fixed charges by $28.3 million and $61.5
million for the years ended December 31, 1997 and 1998, respectively, and
$21.9 million for the six months ended June 30, 1998.