Exhibit 12.1

ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except for ratio amounts)

(Unaudited)

The merger of legacy ETP and legacy Sunoco Logistics in April 2017 resulted in legacy ETP being treated as the surviving entity from an accounting perspective. Accordingly, the financial data below reflects the consolidated financial information of legacy ETP. In the fourth quarter of 2017, the Partnership changed its accounting policy related to certain inventories; these changes have been applied retrospectively to all periods presented, and the prior period amounts reflected below have been adjusted from those amounts previously reported.

	Years Ended December 31,
	2017			2016			2015			2014			2013
Fixed Charges:
Interest expense, net	$	1,365		$	1,317		$	1,291		$	1,165		$	1,013
Capitalized interest	283			199			163			101			45
Interest charges included in rental expense	10			9			19			17			16
Series A and B preferred unit distributions	24			—			—			—			—
Distribution to the Legacy Series A Convertible Redeemable Preferred Units	—			—			3			3			6
Total fixed charges	1,682			1,525			1,476			1,286			1,080
Earnings:
Income from continuing operations before income tax expense and noncontrolling interest	1,005			397			1,366			1,543			846
Less: equity in earnings of unconsolidated affiliates	156			59			469			332			236
Total earnings	849			338			897			1,211			610
Add:
Fixed charges	1,682			1,525			1,476			1,286			1,080
Amortization of capitalized interest	20			18			11			8			6
Distributed income of equity investees	440			406			440			291			313
Less:
Interest capitalized	(283		)	(199		)	(163		)	(101		)	(45		)
Income available for fixed charges	$	2,708		$	2,088		$	2,661		$	2,695		$	1,964
Ratio of earnings to fixed charges	1.61			1.37			1.80			2.10			1.82