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10-Q - 10-Q - BATTALION OIL CORP | a2229232z10-q.htm |
EX-32 - EX-32 - BATTALION OIL CORP | a2229232zex-32.htm |
EX-31.2 - EX-31.2 - BATTALION OIL CORP | a2229232zex-31_2.htm |
EX-31.1 - EX-31.1 - BATTALION OIL CORP | a2229232zex-31_1.htm |
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Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)
|
Six Months Ended June 30, |
Years Ended December 31, | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
2016 | 2015 | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Earnings: |
||||||||||||||||||||||
Income (loss) before income taxes |
$ | (914,302 | ) | $ | (1,676,054 | ) | $ | (1,913,535 | ) | $ | 314,880 | $ | (1,380,378 | ) | $ | (67,066 | ) | $ | 5,399 | |||
Adjustments: |
||||||||||||||||||||||
Equity investment (income) loss |
141 | 234 | 171 | (617 | ) | (97 | ) | (373 | ) | | ||||||||||||
Interest capitalized |
(52,944 | ) | (51,443 | ) | (113,009 | ) | (168,897 | ) | (203,993 | ) | (53,492 | ) | | |||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Income (loss) before income taxes, as adjusted |
$ | (967,105 | ) | $ | (1,727,263 | ) | $ | (2,026,373 | ) | $ | 145,366 | $ | (1,584,468 | ) | $ | (120,931 | ) | $ | 5,399 | |||
Fixed charges |
157,530 | 170,253 | 340,399 | 320,403 | 262,046 | 86,589 | 17,808 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total earnings |
$ | (809,575 | ) | $ | (1,557,010 | ) | $ | (1,685,974 | ) | $ | 465,769 | $ | (1,322,422 | ) | $ | (34,342 | ) | $ | 23,207 | |||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
Fixed charges: |
||||||||||||||||||||||
Interest expense and amortization of finance costs |
$ | 156,096 | $ | 168,849 | $ | 337,554 | $ | 317,732 | $ | 259,159 | $ | 85,372 | $ | 17,373 | ||||||||
Rental expense representative of interest factor |
1,434 | 1,404 | 2,845 | 2,671 | 2,887 | 1,217 | 435 | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges |
$ | 157,530 | $ | 170,253 | $ | 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 |
$ | 157,530 | $ | 170,253 | $ | 340,399 | $ | 320,403 | $ | 262,046 | $ | 86,589 | $ | 17,808 | ||||||||
Pre-tax preferred dividend requirements |
34,913 | 29,517 | 83,942 | 32,902 | 12,132 | 110,075 | | |||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | |
Total fixed charges plus preference dividends |
$ | 192,443 | $ | 199,770 | $ | 424,341 | $ | 353,305 | $ | 274,178 | $ | 196,664 | $ | 17,808 | ||||||||
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
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 six months ended June 30, 2016, the ratio coverage was
less than 1:1. The Company must generate additional earnings of $967.1 million to achieve a coverage ratio of 1:1.
- (2)
- Due to the Company's "Loss before income taxes, as adjusted" for the six months ended June 30, 2016, the ratio coverage was
less than 1:1. The Company must generate additional earnings of $1.0 billion to achieve a coverage ratio of 1:1.
- (3)
- Due to the Company's "Loss before income taxes, as adjusted" for the six months ended June 30, 2015, the ratio coverage was
less than 1:1. The Company must generate additional earnings of $1.7 billion to achieve a coverage ratio of 1:1.
- (4)
- Due to the Company's "Loss before income taxes, as adjusted" for the six months ended June 30, 2015, the ratio coverage was
less than 1:1. The Company must generate additional earnings of $1.8 billion 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)