EX-12.1 3 dex121.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of Computation of Ratio of Earnings to Fixed Charges

Exhibit 12.1

 

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)

(UNAUDITED)

 

Sunoco Logistics Partners L.P.

 

      

Sunoco
Logistics
Partners L.P.


      

Sunoco Logistics Partners L.P.
and Predecessor (a)


 
      

Three Months Ended March 31, 2003


      

Three Months Ended March 31, 2002


 
      

(in thousands of dollars)

 

Fixed Charges:

                     

Interest cost and debt expense

    

$

5,227

 

    

$

3,444

 

Interest allocable to rental expense(b)

    

 

398

 

    

 

268

 

      


    


Total

    

$

5,625

 

    

$

3,712

 

      


    


Earnings:

                     

Income before income tax expense

    

$

17,843

 

    

$

14,094

 

Equity in income of less than 50 percent owned
affiliated companies(c)

    

 

(3,551

)

    

 

(1,648

)

Dividends received from less than 50 percent
Owned affiliated companies(c)

    

 

2,577

 

    

 

—  

 

Fixed charges

    

 

5,625

 

    

 

3,712

 

Interest capitalized

    

 

(232

)

    

 

(300

)

Amortization of previously capitalized interest

    

 

39

 

    

 

42

 

      


    


Total

    

$

22,301

 

    

$

15,900

 

      


    


Ratio of Earnings to Fixed Charges

    

 

3.96

 

    

 

4.28

 

      


    



(a)   The historical financial statements of Sunoco Logistics Partners L.P. for the three months ended March 31, 2002 reflect the historical cost-basis accounts of Sunoco Logistics (Predecessor) for the period from January 1, 2002 through February 7, 2002 and of Sunoco Logistics Partners L.P. for the period from February 8, 2002 (the date of the initial public offering of the Partnership) through March 31, 2002.
(b)   Represents one-third of the total operating lease rental expense which is that portion deemed to be interest.
(c)   Reflects amounts attributable to interests in the following corporate joint ventures accounted for under the equity method: 9.4% in Explorer Pipeline Company, 31.5% in Wolverine Pipe Line Company, 9.2% in West Shore Pipe Line Company, 14.0% in Yellowstone Pipe Line Company, and 43.8% in West Texas Gulf Pipe Line Company. Wolverine, West Shore, and Yellowstone were acquired in November 2002 for $54.0 million, and West Texas Gulf was acquired in November 2002 for $10.6 million. Amounts included in the above are attributable to ownership from the date of acquisition.