EX-12.1 13 dex121.txt STATEMENT REGARDING COMPUTATION OF RATIOS Exhibit 12.1 STATEMENTS RE COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Sunoco Logistics Partners L.P.
Historical(a) Pro Forma(b) ------------------------------------------------------- ------------ Year Ended December 31, Year Ended ------------------------------------------------------- December 31, 1997 1998 1999 2000 2001 2001 ------- ------- ------- ------- ------- ------------ (in thousands, except ratios) Fixed Charges: Combined interest cost and debt expense $ 9,097 $ 7,525 $ 7,306 $12,349 $13,673 $19,362 Interest allocable to rental expense(c) 1,402 932 1,199 1,803 1,234 1,234 ------- ------- ------- ------- ------- ------- Total $10,499 $ 8,457 $ 8,505 $14,152 $14,907 $20,596 ======= ======= ======= ======= ======= ======= Earnings: Combined income before income tax expense $51,767 $61,007 $59,866 $49,003 $42,361 $46,527 Equity in income of less than 50 percent owned affiliated company(d) (3,881) (3,885) (4,591) (3,766) (4,323) (4,323) Dividends received from less than 50 percent owned affiliated company(d) 2,958 4,612 4,730 3,749 4,254 4,254 Fixed charges 10,499 8,457 8,505 14,152 14,907 20,596 Interest capitalized (395) (408) (819) (1,659) (1,140) (1,140) Amortization of previously capitalized interest 1 13 21 33 127 127 ------- ------- ------- ------- ------- ------- Total $60,949 $69,796 $67,712 $61,512 $56,186 $66,041 ======= ======= ======= ======= ======= ======= Ratio of Earnings to Fixed Charges 5.81 8.25 7.96 4.35 3.77 3.21 ==== ==== ==== ==== ==== ====
--------- (a) The combined historical financial statements of Sunoco Logistics Partners L.P. and subsidiaries for the five years in the period ended December 31, 2001 reflect the historical cost-basis accounts of its predecessor, Sunoco Logistics (Predecessor). (b) The pro forma financial statements of Sunoco Logistics Partners L.P. and subsidiaries assume the initial public offering by Sunoco Logistics Partners L.P., the notes offering by Sunoco Logistics Partners Operations L.P. and related transactions occurred on January 1, 2001. (c) Represents one-third of total operating lease rental expense which is that portion deemed to be interest. (d) Reflects amounts attributable to Explorer Pipeline Company, a 9.4% owned corporate joint venture accounted for by the equity method.