EXHIBIT 12.1

EOG RESOURCES, INC.

Computation of Ratios of Earnings to Fixed Charges and

Earnings to Combined Fixed Charges and Preferred Stock Dividends

(In Thousands)

(Unaudited)

 

     Nine Months
Ended
September 30,		     Year Ended December 31,  
     2015     2014     2013     2012     2011     2010  

EARNINGS AVAILABLE FOR FIXED CHARGES:

             

Net Income (Loss)

    $ (4,240,219 )    $ 2,915,487      $ 2,197,109      $ 570,279      $ 1,091,123      $ 160,654   

Less: Capitalized Interest

      (32,922 )      (57,170 )      (49,139 )      (49,702 )      (57,741 )      (76,300 ) 

Add: Fixed Charges

      266,902        337,762        348,399        323,965        315,702        237,590   

Income Tax Provision (Benefit)

      (2,282,511 )      2,079,828        1,239,777        710,461        818,676        247,322   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL EARNINGS AVAILABLE FOR FIXED CHARGES

    $ (6,288,750 )    $ 5,275,907      $ 3,736,146      $ 1,555,003      $ 2,167,760      $ 569,266   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

FIXED CHARGES:

             

Interest Expense

    $ 166,705      $ 193,171      $ 226,721      $ 205,789      $ 197,572      $ 125,073   

Capitalized Interest

      32,922        57,170        49,139        49,702        57,741        76,300   

Capitalized Expenses Related to Indebtedness

      7,695        8,287        8,739        7,763        12,791        4,513   

Rental Expense Representative of Interest Factor

      59,580        79,134        63,800        60,711        47,598        31,704   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL FIXED CHARGES

    $ 266,902      $ 337,762      $ 348,399      $ 323,965      $ 315,702      $ 237,590   

Preferred Stock Dividends on a Pre-tax Basis

      —          —          —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

COMBINED TOTAL FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

    $ 266,902      $ 337,762      $ 348,399      $ 323,965      $ 315,702      $ 237,590   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

RATIO OF EARNINGS TO FIXED CHARGES

      (23.56 )(1)      15.62        10.72        4.80        6.87        2.40   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

      (23.56 )(1)      15.62        10.72        4.80        6.87        2.40   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

(1) For the nine months ended September 30, 2015, total fixed charges exceeded total earnings available for fixed charges by $6.6 billion, primarily due to impairment charges recorded in the third quarter of 2015 with respect to our proved oil and gas properties and related assets.