EX-12.1 3 ete2015ratio-123115xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

ENERGY TRANSFER EQUITY, L.P.
Computation of Ratio of Earnings to Fixed Charges
(in millions, except for ratio amounts)
(Unaudited)

 
Years Ended December 31,
 
2015
 
2014
 
2013
 
2012
 
2011
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
1,643

 
$
1,369

 
$
1,221

 
$
1,018

 
$
740

Capitalized interest
163

 
113

 
45

 
101

 
14

Interest expense included in rental expense
24

 
17

 
16

 
6

 
3

Distribution to the Series A Convertible Redeemable Preferred Units
3

 
3

 
6

 
8

 
8

Accretion of the Series A Convertible Redeemable Preferred Units
—

 
—

 
—

 
1

 
—

Total fixed charges
1,833

 
1,502

 
1,288

 
1,134

 
765

Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
993

 
1,417

 
375

 
1,437

 
548

Less: equity in earnings of affiliates
276

 
332

 
236

 
212

 
117

Total earnings
717

 
1,085

 
139

 
1,225

 
431

Add:
 
 
 
 
 
 
 
 
 
Fixed charges
1,833

 
1,502

 
1,288

 
1,134

 
765

Amortization of capitalized interest
11

 
8

 
7

 
5

 
4

Distributed income of equity investees
409

 
291

 
236

 
208

 
117

Less:
 
 
 
 
 
 
 
 
 
Interest capitalized
(163
)
 
(113
)
 
(45
)
 
(101
)
 
(14
)
Income available for fixed charges
$
2,807

 
$
2,773

 
$
1,625

 
$
2,471

 
$
1,303

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.53

 
1.85

 
1.26

 
2.18

 
1.70