EX-12.1 3 oas-12312013xex121.htm EXHIBIT
EXHIBIT 12.1
Oasis Petroleum Inc.
Computation of Ratio of Earnings to Fixed Charges

|  | Year Ended December 31,
|  | 2009(1) |  | 2010 |  | 2011 |  | 2012 |  | 2013
|  | (In thousands, except ratios)
Earnings |  |  |  |  |  |  |  |  |  |
Income (loss) before income taxes |  | $ | (15,209 | ) |  | $ | 13,267 |  |  | $ | 126,179 |  |  | $ | 245,874 |  |  | $ | 363,017 |
Add: Fixed charges |  | 1,022 |  |  | 1,522 |  |  | 32,950 |  |  | 73,932 |  |  | 112,282 |
Add: Amortization of capitalized interest |  | — |  |  | — |  |  | 119 |  |  | 671 |  |  | 1,009 |
Less: Capitalized interest |  | — |  |  | — |  |  | (3,073 | ) |  | (3,298 | ) |  | (4,592 | )
Total earnings (loss) |  | (14,187 | ) |  | 14,789 |  |  | 156,175 |  |  | 317,179 |  |  | 471,716 |
Fixed charges |  |  |  |  |  |  |  |  |  |
Interest expense |  | $ | 912 |  |  | $ | 1,357 |  |  | $ | 29,618 |  |  | $ | 70,143 |  |  | $ | 107,165 |
Capitalized interest |  | — |  |  | — |  |  | 3,073 |  |  | 3,298 |  |  | 4,592 |
Rental expense attributable to interest |  | 110 |  |  | 165 |  |  | 259 |  |  | 491 |  |  | 525 |
Total fixed charges |  | 1,022 |  |  | 1,522 |  |  | 32,950 |  |  | 73,932 |  |  | 112,282 |
Ratio of earnings (loss) to fixed charges(2) |  | — |  |  | 9.72 |  |  | 4.74 |  |  | 4.29 |  |  | 4.20 |

(1) | Due to the Company's net pre-tax loss for the year ended December 31, 2009, the ratio coverage was less than 1:1. The Company would have needed additional earnings of $15.2 million for the year ended December 31, 2009 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.