Attached files
Exhibit 12.1
McMoRan Exploration Co.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In Thousands)
|
Computation of Ratio of Earnings
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||||||||||
|
to Fixed Charges:
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||||||||||
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Years Ended December 31,
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||||||||||
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2009
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2008
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2007
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2006
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2005
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||||||
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Loss from Continuing Operations a
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(204,889
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)
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(211,198
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)
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(63,561
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)
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(44,716
|
)
|
(31,470
|
)
|
|
ADD:
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||||||||||
|
(Benefit) Provision for Income Taxes
|
(2,445
|
)
|
2,508
|
-
|
-
|
-
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||||
|
Interest Expense
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42,943
|
50,890
|
66,366
|
10,203
|
15,282
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|||||
|
Rental Expense Factor
|
598
|
387
|
248
|
41
|
60
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|||||
|
Earnings Available For Fixed Charges
|
(163,793
|
)
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(157,413
|
)
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3,053
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(34,472
|
)
|
(16,128
|
)
|
|
|
Interest Expense
|
42,943
|
50,890
|
66,366
|
10,203
|
15,282
|
|||||
|
Capitalized Interest
|
3,929
|
5,001
|
6,361
|
5,260
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2,121
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|||||
|
Rental Expense Factor
|
598
|
387
|
248
|
41
|
60
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|||||
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Fixed Charges
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47,470
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56,278
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72,975
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15,504
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17,463
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|||||
|
Ratio of Earnings to Fixed Charges
|
-
|
b
|
-
|
b
|
-
|
b
|
-
|
b
|
-
|
b
|
|
Computation of Ratio of Earnings
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||||||||||
|
to Fixed Charges and Preferred Dividends:
|
||||||||||
|
2009
|
2008
|
2007
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2006
|
2005
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||||||
|
Loss from Continuing Operations a
|
(204,889
|
)
|
(211,198
|
)
|
(63,561
|
)
|
(44,716
|
)
|
(31,470
|
)
|
|
ADD:
|
||||||||||
|
(Benefit) Provision for Income Taxes
|
(2,445
|
)
|
2,508
|
-
|
-
|
-
|
||||
|
Interest Expense
|
42,943
|
50,890
|
66,366
|
10,203
|
15,282
|
|||||
|
Rental Expense Factor
|
598
|
387
|
248
|
41
|
60
|
|||||
|
Earnings Available For Fixed Charges and
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||||||||||
|
Preferred Dividends
|
(163,793
|
)
|
(157,413
|
)
|
3,053
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(34,472
|
)
|
(16,128
|
)
|
|
|
Interest Expense
|
42,943
|
50,890
|
66,366
|
10,203
|
15,282
|
|||||
|
Capitalized Interest
|
3,929
|
5,001
|
6,361
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5,260
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2,121
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|||||
|
Preferred dividends c
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14,332
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22,286
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3,367
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1,494
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1,503
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|||||
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Rental Expense Factor
|
598
|
387
|
248
|
41
|
60
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|||||
|
Fixed Charges and Preferred Dividends
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61,802
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78,564
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76,342
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16,998
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18,966
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|||||
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Ratio of earnings to fixed charges
|
-
|
d
|
-
|
d
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-
|
d
|
-
|
d
|
-
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d
|
|
a.
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Loss represents McMoRan's continuing oil and gas operations.
|
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b.
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McMoRan sustained a net loss from continuing operations of $204.9 million in 2009, $211.2 million in 2008, $44.7 million in 2006 and $31.5 million in 2005. These losses were inadequate to cover McMoRan’s fixed charges of $47.5 million in 2009, $56.3 million in 2008, $15.5 million in 2006 and $17.5 million in 2005. McMoRan’s earnings available for fixed charges for 2007 were insufficient to cover it fixed charges by $69.9 million.
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c.
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Preferred dividends associated with McMoRan's 8% convertible perpetual preferred stock, 6 ¾% mandatory convertible preferred stock and 5% mandatorily redeemable convertible preferred stock.
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d.
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McMoRan sustained a net loss from continuing operations of $204.9 million in 2009, $211.2 million in 2008, $44.7 million in 2006 and $31.5 million in 2005. These losses were inadequate to cover McMoRan fixed charges of $61.8 million in 2009, $78.6 million in 2008, $17.0 million in 2006 and $19.0 million in 2005. In 2007, McMoRan’s earnings available for fixed charges and preferred dividends were insufficient to cover its fixed charges and preferred dividends by $73.3 million.
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