Exhibit 12

PIEDMONT NATURAL GAS COMPANY, INC. AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

For Fiscal Years Ended October 31, 2009 through 2013

(in thousands except ratio amounts)

	2013		2012		2011		2010		2009
Earnings:
Pre-tax income from continuing operations	$	193,081	$	171,714	$	158,320	$	153,687	$	169,502
Distributed income of equity investees		26,839		24,962		25,714		47,094		23,986
Fixed charges		57,549		46,978		54,239		55,567		51,156
Total Adjusted Earnings	$	277,469	$	243,654	$	238,273	$	256,348	$	244,644
Fixed Charges:
Interest	$	54,840	$	43,908	$	51,639	$	53,226	$	48,433
Amortization of debt expense		1,029		1,401		1,063		647		789
Amortization of loss - reacquired debt		238		238		99		—		—
One-third of rental expense		1,442		1,431		1,438		1,694		1,934
Total Fixed Charges	$	57,549	$	46,978	$	54,239	$	55,567	$	51,156
Ratio of Earnings to Fixed Charges		4.82		5.19		4.39		4.61		4.78