Mitchell Energy & Development Corp – ‘10-K’ for 1/31/94 – EX-12

As of:  Tuesday, 4/26/94   ·   For:  1/31/94   ·   Accession #:  950129-94-319   ·   File #:  1-06959

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Mitchell Energy 10-K 1994                             25    138K 
 2: EX-4.A      To Mitchell 10-K                                      12     38K 
 3: EX-10.F     To Mitchell 10-K                                      21     40K 
 4: EX-10.G     To Mitchell 10-K                                      19     39K 
 5: EX-10.J     To Mitchell 10-K                                      26     92K 
 6: EX-12       To Mitchell 10-K                                       2±    10K 
 7: EX-13       To Mitchell 10-K                                      70    350K 
 8: EX-21       To Mitchell 10-K                                       2±     9K 
 9: EX-23       To Mitchell 10-K                                       1      7K 
10: EX-99.A     To Mitchell 10-K                                       1      7K 
11: EX-99.B     To Mitchell 10-K                                       1      7K 

EX-12   —   To Mitchell 10-K

EX-12
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                                                                      Exhibit 12

Mitchell Energy & Development Corp. and Subsidiaries
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES 
FOR THE YEARS ENDED JANUARY 31, 1994, 1993, 1992, 1991 AND 1990 

(dollar amounts in thousands) 

                                                        [Enlarge/Download Table]

                                                    1994        1993        1992       1991        1990   
                                                  ---------   ---------   ---------  ---------   ---------
                                                                                                          
EARNINGS                                                                                                  
Pretax earnings . . . . . . . . . . . . . . . . . $ 47,538   $ 47,324    $ 68,300    $ 71,598   $ 46,135  
Add (Deduct)                                                                                              
  Previously capitalized interest                                                                         
    charged against pretax earnings . . . . . . .   17,098     14,346      21,937      14,694     12,401  
  Losses of less-than-50%-owned persons . . . . .       32         99          26          23         44  
  Fixed charges (see below) . . . . . . . . . . .   84,788     85,169      90,107      98,633    103,166  
  Reverse effect of inclusion of interest                                                                 
    capitalized in fixed charges above  . . . . .  (35,721)   (36,205)    (39,426)    (45,427)   (46,993) 
  Undistributed earnings of                                                                               
    less-than-50%-owned persons . . . . . . . . .   (3,594)   (10,305)    (10,521)    (11,690)    (6,201) 
                                                  --------   --------    --------    --------   --------  
                                                  $110,141   $100,428    $130,423    $127,831   $108,552  
                                                  ========   ========    ========    ========   ========  

FIXED CHARGES                                                                                             
Interest expense incurred                                                                                 
  Consolidated (a) (b)  . . . . . . . . . . . . . $ 75,252   $ 77,451    $ 84,025    $ 92,874   $ 95,792  
  50%-owned persons . . . . . . . . . . . . . . .    6,236      4,609       3,284       3,670      4,974  
                                                  --------   --------    --------    --------   --------  
                                                    81,488     82,060      87,309      96,544    100,766  
Portion of rental expense                                                                                 
  representing interest (c) . . . . . . . . . . .    3,300      3,109       2,798       2,089      2,400  
                                                  --------   --------    --------    --------   --------  
                                                  $ 84,788   $ 85,169    $ 90,107    $ 98,633   $103,166  
                                                  ========   ========    ========    ========   ========  

RATIO OF EARNINGS TO FIXED CHARGES  . . . . . . .     1.30       1.18        1.45        1.30       1.05  
                                                  ========   ========    ========    ========   ========  

(a) Consists of interest expense as reported in consolidated statements of      
earnings and interest expense related to finance operations which is    
  reported as costs and expenses in the consolidated statements of earnings.
(b) At January 31, 1994, the Company had outstanding guaranties of              
  approximately $72,000,000 of indebtedness of less-than-fifty percent owned
  partnerships and approximately $5,400,000 of indebtedness of unaffiliated,
   nonprofit institutions under which it has not been, nor is it expected that
it will be, required to perform.  Fixed charges related to these        
outstanding borrowings, estimated at approximately $1,950,000 for fiscal
1994, have been excluded from the reported fixed charges.               
(c) Represents one-third of rental expense under operating lease agreements.    

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed on:		4/26/94
For Period End:		1/31/94		10-K/A
		1/31/93
		1/31/92
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