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EX-32 - EX-32 - BATTALION OIL CORP | a2228489zex-32.htm |
EX-31.2 - EX-31.2 - BATTALION OIL CORP | a2228489zex-31_2.htm |
EX-31.1 - EX-31.1 - BATTALION OIL CORP | a2228489zex-31_1.htm |
10-Q - 10-Q - BATTALION OIL CORP | a2228489z10-q.htm |
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Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)
|
Three Months Ended March 31, |
Years Ended December 31, | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings: |
||||||||||||||||||||||
Income (loss) before income taxes |
$ | (539,999 | ) | $ | (587,728 | ) | $ | (1,913,535 | ) | $ | 314,880 | $ | (1,380,378 | ) | $ | (67,066 | ) | $ | 5,399 | |||
Adjustments: |
||||||||||||||||||||||
Equity investment (income) loss |
145 | (6 | ) | 171 | (617 | ) | (97 | ) | (373 | ) | | |||||||||||
Interest capitalized |
(32,061 | ) | (24,741 | ) | (113,009 | ) | (168,897 | ) | (203,993 | ) | (53,492 | ) | | |||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes, as adjusted |
$ | (571,915 | ) | $ | (612,475 | ) | $ | (2,026,373 | ) | $ | 145,366 | $ | (1,584,468 | ) | $ | (120,931 | ) | $ | 5,399 | |||
Fixed charges |
79,544 | 84,405 | 340,399 | 320,403 | 262,046 | 86,589 | 17,808 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total earnings |
$ | (492,371 | ) | $ | (528,070 | ) | $ | (1,685,974 | ) | $ | 465,769 | $ | (1,322,422 | ) | $ | (34,342 | ) | $ | 23,207 | |||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Fixed charges: |
||||||||||||||||||||||
Interest expense and amortization of finance costs |
$ | 78,808 | $ | 83,740 | $ | 337,554 | $ | 317,732 | $ | 259,159 | $ | 85,372 | $ | 17,373 | ||||||||
Rental expense representative of interest factor |
736 | 665 | 2,845 | 2,671 | 2,887 | 1,217 | 435 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges |
$ | 79,544 | $ | 84,405 | $ | 340,399 | $ | 320,403 | $ | 262,046 | $ | 86,589 | $ | 17,808 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to fixed charges |
| (1) | | (3) | | (5) | 1.5 | | (7) | | (8) | 1.3 | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges |
$ | 79,544 | $ | 84,405 | $ | 340,399 | $ | 320,403 | $ | 262,046 | $ | 86,589 | $ | 17,808 | ||||||||
Pre-tax preferred dividend requirements |
26,863 | 13,554 | 83,942 | 32,902 | 12,132 | 110,075 | | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges plus preference dividends |
$ | 106,407 | $ | 97,959 | $ | 424,341 | $ | 353,305 | $ | 274,178 | $ | 196,664 | $ | 17,808 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | |
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| | | | | | | | | | | | | | | | | | | | | | |
Ratio of earnings to combined fixed charges and preference dividends |
| (2) | | (4) | | (6) | 1.3 | | (7) | | (9) | 1.3 | ||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
- (1)
- Due to the Company's "Loss before income taxes, as adjusted" for the three months ended March 31, 2016, the ratio coverage was less than 1:1. The
Company must generate additional earnings of $571.9 million to achieve a coverage ratio of 1:1.
- (2)
- Due to the Company's "Loss before
income taxes, as adjusted" for the three months ended March 31, 2016, the ratio coverage was less than 1:1. The
Company must generate additional earnings of $598.8 million to achieve a coverage ratio of 1:1.
- (3)
- Due to the Company's "Loss before
income taxes, as adjusted" for the three months ended March 31, 2015, the ratio coverage was less than 1:1. The
Company must generate additional earnings of $612.5 million to achieve a coverage ratio of 1:1.
- (4)
- Due to the Company's "Loss before
income taxes, as adjusted" for the three months ended March 31, 2015, the ratio coverage was less than 1:1. The
Company must generate additional earnings of $626.0 million to achieve a coverage ratio of 1:1.
- (5)
- Due to the Company's "Loss before
income taxes, as adjusted" in 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of
$2.0 billion to achieve a coverage ratio of 1:1.
- (6)
- Due to the Company's "Loss before income taxes, as adjusted" in 2015, the ratio
coverage was less than 1:1. The Company must generate additional earnings of
$2.1 billion to achieve a coverage ratio of 1:1.
- (7)
- Due to the Company's "Loss before income taxes, as adjusted" in 2013, the ratio
coverage was less than 1:1. The Company must generate additional earnings of
$1.6 billion to achieve a coverage ratio of 1:1.
- (8)
- Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio
coverage was less than 1:1. The Company must generate additional earnings of
$120.9 million to achieve a coverage ratio of 1:1.
- (9)
- Due to the Company's "Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $231.0 million to achieve a coverage ratio of 1:1.
Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)