EXHIBIT 12.1
TRITON ENERGY LIMITED AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
NINE MONTHS ENDING
SEPTEMBER 30, YEAR ENDING DECEMBER 31,
-------------------- ------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
--------- --------- --------- ---------- --------- --------- ---------
Fixed charges, as defined
Interest charges $ 29,165 $ 28,951 $ 38,231 $ 50,253 $ 50,625 $ 43,884 $ 41,305
Preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- --- --- --- ---
--------- --------- --------- ---------- --------- --------- ---------
Total fixed charges $ 29,165 $ 28,951 $ 38,231 $ 50,253 $ 50,625 $ 43,884 $ 41,305
========= ========= ========= ========== ========= ========= =========
Earnings, as defined (2):
Earnings (loss) from continuing operations
before income taxes and extraordinary item $120,162 $ 44,937 $ 76,177 $(238,609) $ 16,896 $ 20,945 $ 16,600
Fixed charges, above 29,165 28,951 38,231 50,253 50,625 43,884 41,305
Less interest capitalized (17,213) (10,466) (14,539) (23,215) (25,818) (27,102) (16,211)
Plus undistributed (earnings) loss of affiliates 28 --- 28 --- --- (118) 2,249
Less preferred dividend requirements of
subsidiaries adjusted to pre-tax basis --- --- --- --- --- --- ---
--------- --------- --------- ---------- --------- --------- ---------
$132,142 $ 63,422 $ 99,897 $(211,571) $ 41,703 $ 37,609 $ 43,943
========= ========= ========= ========== ========= ========= =========
RATIO OF EARNINGS TO FIXED CHARGES (1) (2) 4.5 2.2 2.6 --- 0.8 0.9 1.1
========= ========= ========= ========== ========= ========= =========
</TABLE>
____________________
(1) Earnings were inadequate to cover fixed charges for the years ended
December 31, 1998, 1997 and 1996 by $261,824,000, $8,922,000 and $6,275,000,
respectively.
(2) Earnings reflect nonrecurring writedowns and loss provisions of
$18,477,000 and $3,597,000 for the nine months ended September 30, 2000 and
1999, respectively, $5,159,000, $348,064,000, $46,153,000 and $1,058,000 for the
years ended December 31, 1999, 1998, 1996 and 1995, respectively. Nonrecurring
gains from the sale of assets and other gains aggregated $442,000 for the nine
months ended September 30, 1999, $442,000, $125,617,000, $6,253,000, $22,189,000
and $13,617,000 for the years ended December 31, 1999, 1998, 1997, 1996 and
1995, respectively. The ratio of earnings to fixed charges if adjusted to remove
nonrecurring items, would have been 5.2 and 2.3 for the nine months ended
September 30, 2000 and 1999, respectively, 2.7, 0.2, 0.7, 1.4 and 0.8 for the
years ended December 31, 1999, 1998, 1997, 1996 and 1995, respectively. Without
nonrecurring items, earnings would have been inadequate to cover fixed charges
for the years ended December 31, 1998, 1997 and 1995 by $39,377,000, $15,175,000
and $9,921,000, respectively.
