EX-12.1 3 exhibit1212017.htm EXHIBIT 12.1 Exhibit

EXHIBIT 12.1
Oasis Petroleum Inc.
Computation of Ratio of Earnings to Fixed Charges

 
 
 
 
 
 
Three Months Ended
 
Year Ended December 31,
March 31,
 
2012
2013
2014
2015
2016
2017
Earnings
 
 
 
 
 
 
Income (loss) before income taxes
$
245,874

$
363,017

$
814,468

$ (56,371)

$ (371,554)

$
39,862

Add: Fixed charges
73,932

112,282

167,890

170,624

159,260

39,719

Add: Amortization of capitalized interest
671

1,009

1,718

3,315

4,935

1,858

Less: Capitalized interest
(3,298)

(4,592)

(8,850)

(18,582)

(16,848)

(2,820)

Total earnings (loss)
$
317,179

$
471,716

$
975,226

$
98,986

$ (224,207)

$
78,619

 
 
 
 
 
 
 
Fixed charges
 
 
 
 
 
 
Interest expense
$
70,143

$
107,165

$
158,390

$
149,648

$
140,305

$
36,321

Capitalized interest
3,298

4,592

8,850

18,582

16,848

2,820

Rental expense attributable to interest
491

525

650

2,394

2,107

578

Total fixed charges
$
73,932

$
112,282

$
167,890

$
170,624

$
159,260

$
39,719

 
 
 
 
 
 
 
Ratio of earnings (loss) to fixed charges (1)
4.29

4.20

5.81

—

—

1.98


(1)
Due to the Company's net pre-tax loss for the years ended December 31, 2016 and 2015, the ratio coverage was less than 1:1. The Company would have needed additional earnings of $383.5 million and $71.6 million for the years ended December 31, 2016 and 2015, respectively, to achieve a coverage of 1:1.