EX-12.1 3 oas-12312013xex121.htm EXHIBIT OAS-12.31.2013 - Ex 12.1


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.