EX-12.1 3 d253600dex121.htm EX-12.1

EXHIBIT 12.1

Oasis Petroleum Inc.

Computation of Ratio of Earnings to Fixed Charges

|  | Period from February 26, 2007 (Inception) through December 31, |  |  | Year Ended December 31, |
|  | 2007 |  |  | 2008 |  |  | 2009 |  |  | 2010 |  |  | 2011 |
|  | (In thousands, except ratios) |
Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  |  | (13,550 | ) |  |  | (34,391 | ) |  |  | (15,209 | ) |  |  | 13,267 |  |  |  | 126,180 |
Fixed charges |  |  | 1,803 |  |  |  | 2,497 |  |  |  | 1,022 |  |  |  | 1,522 |  |  |  | 29,877 |
Total earnings (loss) |  |  | (11,747 | ) |  |  | (31,894 | ) |  |  | (14,187 | ) |  |  | 14,789 |  |  |  | 156,057 |
Fixed charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 1,776 |  |  |  | 2,404 |  |  |  | 912 |  |  |  | 1,357 |  |  |  | 29,618 |
Rental expense attributable to interest |  |  | 27 |  |  |  | 93 |  |  |  | 110 |  |  |  | 165 |  |  |  | 259 |
Total fixed charges |  |  | 1,803 |  |  |  | 2,497 |  |  |  | 1,022 |  |  |  | 1,522 |  |  |  | 29,877 |
Ratio of earnings (loss) to fixed charges (1) (2) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9.72 |  |  |  | 5.22 |

(1) | Due to the Company’s net pre-tax loss for the period from February 26, 2007 (Inception) through December 31, 2007 and the years ended December 31, 2008 and December 31, 2009, the ratio coverage was less than 1:1. The Company would have needed additional earnings of $13.6 million, $34.4 million and $15.2 million for the period from February 26, 2007 (Inception) through December 31, 2007 and for the years ended December 31, 2008 and December 31, 2009, respectively, to achieve a coverage of 1:1.

(2) | The Company had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.