PIONEER NATURAL RESOURCES CO - FORM 10-K - EX-12.1 - COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES - February 19, 2016

Attached files

file	filename
10-K - 10-K - PIONEER NATURAL RESOURCES CO	pxd-20151231x10k.htm
EX-32.2 - CHIEF FINANCIAL OFFICER CERTIFICATION UNDER SECTION 906 - PIONEER NATURAL RESOURCES CO	pxd-20151231x10kex322.htm
EX-21.1 - SUBSIDIARIES OF REGISTRANT - PIONEER NATURAL RESOURCES CO	exhibit211-subsidiariesofr.htm
EX-10.56 - SEPARATION AGREEMENT AND RELEASE - PIONEER NATURAL RESOURCES CO	exhibit1056-separationagre.htm
EX-32.1 - CHIEF EXECUTIVE OFFICER CERTIFICATION UNDER SECTION 906 - PIONEER NATURAL RESOURCES CO	pxd-20151231x10kex321.htm
EX-31.2 - CHIEF FINANCIAL OFFICER CERTIFICATION UNDER SECTION 302 - PIONEER NATURAL RESOURCES CO	pxd-20151331x10kex312.htm
EX-31.1 - CHIEF EXECUTIVE OFFICER CERTIFICATION UNDER SECTION 302 - PIONEER NATURAL RESOURCES CO	pxd-20151231x10kex311.htm
EX-10.41 - AMENDMENT NO.6 TO THE PIONEER NATURAL RESOURCES USA, INC. 401(K) PLAN - PIONEER NATURAL RESOURCES CO	ex10416thamendment-401k.htm
EX-95.1 - MINE SAFETY DISCLOSURE - PIONEER NATURAL RESOURCES CO	ex951-minesafety_20151231.htm
EX-99.1 - REPORT OF NETHERLAND, SEWELL & ASSOCIATES, INC. - PIONEER NATURAL RESOURCES CO	exhibit991-nsailetter_2015.htm
EX-23.1 - CONSENT OF ERNST & YOUNG LLP - PIONEER NATURAL RESOURCES CO	exhibit231eyconsent_201512.htm
EX-23.2 - CONSENT OF NETHERLAND, SEWELL & ASSOCIATES, INC. - PIONEER NATURAL RESOURCES CO	exhibit232-nsaiconsent_201.htm

EXHIBIT 12.1



RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

The following table sets forth the Company's ratios of consolidated earnings to fixed charges and earnings to fixed charges and preferred stock dividends for the periods presented:



		Year ended December 31,
		2015		2014		2013		2012		2011
Ratio of earnings to fixed charges (a)		(b)		9.45		(c)		4.52		3.49

Ratio of earnings to fixed charges and preferred stock (d)		(b)		9.45		(c)		4.52		3.49

____________________



(a)	The ratio has been computed by dividing earnings by fixed charges. For purposes of computing the ratio:

	- earnings consist of income from continuing operations before income taxes, cumulative effect of change in accounting principle, adjustments for net income or loss attributable to the noncontrolling interest and the Company's share of investee's income or loss accounted for under the equity method, and adjustment for capitalized interest, plus fixed charges and the Company's share of distributed income from investees accounted for under the equity method; and

	- fixed charges consist of interest expense, capitalized interest and the portion of rental expense deemed to be representative of the interest component of rental expense.

(b)	The ratio indicates a less than one-to-one coverage because the earnings are inadequate to cover the fixed charges during the year ended December 31, 2015 by $432 million.

(c)	The ratio indicates a less than one-to-one coverage because the earnings are inadequate to cover the fixed charges during the year ended December 31, 2013 by $606 million.

(d)	The ratio has been computed by dividing earnings by fixed charges and preferred stock dividends. For purposes of computing the ratio:

	- earnings consist of income from continuing operations before income taxes, cumulative effect of change in accounting principle, adjustments for net income or loss attributable to the noncontrolling interest and the Company's share of investee's income or loss accounted for under the equity method, and adjustment for capitalized interest, plus fixed charges, the Company's share of distributed income from investees accounted for under the equity method and preferred stock dividends, net of preferred stock dividends of a consolidated subsidiary; and

	- fixed charges and preferred stock dividends consist of interest expense, capitalized interest and the portion of rental expense deemed to be representative of the interest component of rental expense, preferred stock dividends of a consolidated subsidiary and preferred stock dividends.