ROAN RESOURCES, INC. - FORM 10-K - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - March 23, 2017

Attached files

file filename
EX-10.6 - LINN ENERGY HOLDCO LLC INCENTIVE INTEREST PLAN - ROAN RESOURCES, INC.exhibit106.htm
EX-99.1 - 2016 REPORT OF DEGOLYER AND MACNAUGHTON - ROAN RESOURCES, INC.exhibit991linnreportofthir.htm
EX-32.2 - CERTIFICATION OF CFO SECTION 906 - ROAN RESOURCES, INC.yeexhibit322-q42016.htm
EX-32.1 - CERTIFICATION OF CEO SECTION 906 - ROAN RESOURCES, INC.yeexhibit321-q42016.htm
EX-31.2 - CERTIFICATION OF CFO SECTION 302 - ROAN RESOURCES, INC.yeexhibit312-q42016.htm
EX-31.1 - CERTIFICATION OF CEO SECTION 302 - ROAN RESOURCES, INC.yeexhibit311-q42016.htm
EX-23.2 - CONSENT OF DEGOLYER AND MACNAUGHTON - ROAN RESOURCES, INC.yeexhibit2322016.htm
EX-23.1 - CONSENT OF KPMG LLP - ROAN RESOURCES, INC.ye2016exhibit231.htm
EX-21.1 - SIGNIFICANT SUBSIDIARIES - ROAN RESOURCES, INC.yeexhibit2112016.htm
EX-10.8 - FORM OF AWARD AGREEMENT (APPRECIATION INTERESTS) - ROAN RESOURCES, INC.ye2016exhibit108.htm
EX-10.7 - FORM OF AWARD AGREEMENT (BASE INTERESTS) - ROAN RESOURCES, INC.ye2016exhibit107.htm
10-K - FORM 10-K 2016 - ROAN RESOURCES, INC.linnform10-k2016.htm


Exhibit 12.1
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
 
2013
 
2012
 
 
(dollars in thousands)
 
Earnings:
 
 
 
 
 
 
 
 
 
 
Loss from continuing operations before income taxes and adjustment for income from equity investees
$
(374,503
)
 
$
(3,751,027
)
 
$
(470,037
)
 
$
(673,563
)
 
$
(383,826
)
 
Income from equity investees
(699
)
 
(685
)
 
(140
)
 
(969
)
 
(1,497
)
 
Loss from continuing operations before income taxes but after adjustment for income from equity investees
(375,202
)
 
(3,751,712
)
 
(470,177
)
 
(674,532
)
 
(385,323
)
 
Fixed charges
193,772

 
464,437

 
503,980

 
419,637

 
382,751

 
Distributed income of equity investees
—

 
500

 
—

 
300

 
1,265

 
Capitalized interest
(257
)
 
(2,765
)
 
(3,567
)
 
(2,019
)
 
(2,326
)
 
Total earnings available for fixed charges
$
(181,687
)
 
$
(3,289,540
)
 
$
30,236

 
$
(256,614
)
 
$
(3,633
)
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense
$
192,862

 
$
460,635

 
$
499,890

 
$
417,174

 
$
379,937

 
Capitalized interest
257

 
2,765

 
3,567

 
2,019

 
2,326

 
Interest portion of rental expense
653

 
1,037

 
523

 
444

 
488

 
Total fixed charges
$
193,772

 
$
464,437

 
$
503,980

 
$
419,637

 
$
382,751

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
—

(1) 
—

(1) 
—

(1) 
—

(1) 
—

(1) 
(1) 
Earnings for the year ended December 31, 2016, were insufficient to cover fixed charges by approximately $375 million, primarily due to noncash impairment charges of approximately $165 million associated with oil and natural gas properties related to a decline in commodity prices, changes in expected capital development and a decline in the Company’s estimates of proved reserves and losses on commodity derivatives of approximately $164 million. Earnings for the year ended December 31, 2015, were insufficient to cover fixed charges by approximately $3.8 billion, primarily due to noncash impairment charges of approximately $5.0 billion associated with oil and natural gas properties primarily related to a decline in commodity prices, changes in expected capital development and a decline in the Company’s estimates of proved reserves. Earnings for the year ended December 31, 2014, were insufficient to cover fixed charges by approximately $474 million, primarily due to noncash impairment charges of approximately $2.1 billion associated with proved oil and natural gas properties primarily related to a decline in commodity prices. Earnings for the year ended December 31, 2013, were insufficient to cover fixed charges by approximately $676 million, primarily due to noncash impairment charges of approximately $791 million associated with proved oil and natural gas properties in the Granite Wash formation related to asset performance resulting in reserve revisions and a decline in commodity prices as well as approximately $37 million associated with the write-down of the carrying value of the Panther Operated Cleveland Properties sold in May 2013. Earnings for the year ended December 31, 2012, were insufficient to cover fixed charges by approximately $386 million, primarily due to noncash impairment charges of approximately $422 million associated with proved oil and natural gas properties related to the SEC five-year development limitation on PUDs and a decline in commodity prices and approximately $278 million associated with changes in fair value on unsettled derivative contracts.



ROAN RESOURCES, INC. Reports