EX-12.1 3 exhibit121.htm EXHIBIT
EXHIBIT 12.1
Oasis Petroleum Inc.
Computation of Ratio of Earnings to Fixed Charges

|  |  |  |  |  | Three Months Ended
| Year Ended December 31, | March 31,
| 2009(1) | 2010 | 2011 | 2012 | 2013 | 2014
Earnings |  |  |  |  |  |
Income (loss) before income taxes | (15,209) | 13,267 | 126,179 | 245,874 | 363,017 | 271,472
Add: Fixed charges | 1,022 | 1,522 | 32,950 | 73,932 | 112,282 | 41,846
Add: Amortization of capitalized interest | -- | -- | 119 | 671 | 1,009 | 284
Less: Capitalized interest | -- | -- | (3,073) | (3,298) | (4,592) | (1,558)
Total earnings (loss) | (14,187) | 14,789 | 156,175 | 317,179 | 471,716 | 312,044
Fixed charges |  |  |  |  |  |
Interest expense | 912 | 1,357 | 29,618 | 70,143 | 107,165 | 40,158
Capitalized interest | -- | -- | 3,073 | 3,298 | 4,592 | 1,558
Rental expense attributable to interest | 110 | 165 | 259 | 491 | 525 | 130
Total fixed charges | 1,022 | 1,522 | 32,950 | 73,932 | 112,282 | 41,846
Ratio of earnings (loss) to fixed charges | -- | 9.72 | 4.74 | 4.29 | 4.20 | 7.46

(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.