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Previous: DEVON ENERGY CORP/DE, 8-K, 2000-11-13 |
Next: DEVON ENERGY CORP/DE, 8-K, EX-23.1, 2000-11-13 |
<PAGE> 1
EXHIBIT 12
DEVON ENERGY CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
<TABLE>
<CAPTION>
YEAR DECEMBER 31,
----------------------------------------------------------------------
1999 1998 1997 1996 1995
--------- --------- --------- --------- ---------
(IN THOUSANDS, EXCEPT RATIOS)
<S> <C> <C> <C> <C> <C>
EARNINGS:
Earnings (loss) before income taxes $(199,378) (361,992) (340,233) 247,689 77,868
Add fixed charges (see below) 111,360 75,376 61,139 56,115 43,902
--------- --------- --------- --------- ---------
Adjusted earnings (loss) $ (88,018) (286,616) (279,094) 303,804 121,770
========= ========= ========= ========= =========
FIXED CHARGES AND PREFERRED STOCK DIVIDENDS:
Interest expense 109,613 43,532 41,488 48,762 41,285
Distributions on preferred securities of subsidiary 6,884 9,717 9,717 4,753 --
Amortization of costs incurred in connection with
the offering of the preferred securities of
subsidiary trust 148 240 269 82 --
Estimated interest factor of operating lease 7,869 5,783 3,805 2,319 2,310
payments
Deferred effect of changes in foreign currency
exchange rate on subsidiary's long-term debt (13,154) 16,104 5,860 199 307
--------- --------- --------- --------- ---------
Fixed charges 111,360 75,376 61,139 56,115 43,902
Preferred stock requirements, pre-tax 5,889 -- 5,800 21,800 23,900
--------- --------- --------- --------- ---------
Combined fixed charges and preferred stock dividends $ 117,249 75,376 66,939 77,915 67,802
========= ========= ========= ========= =========
Ratio of earnings to combined fixed charges and
preferred stock dividends NA NA NA 3.90 1.80
========= =========
Insufficiency of earnings to cover combined fixed
charges and preferred stock dividends
$ 205,267 361,992 346,033 NA NA
========= ========= =========
</TABLE>
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