EX-12.1 2 ete2016ratio-123116xex121.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,
 
2016
 
2015
 
2014
 
2013
 
2012
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
1,832

 
$
1,643

 
$
1,369

 
$
1,221

 
$
1,018

Capitalized interest
202

 
163

 
113

 
45

 
101

Interest expense included in rental expense
21

 
24

 
17

 
16

 
6

Distribution to the Series A Convertible Redeemable Preferred Units
—

 
3

 
3

 
6

 
—

Accretion of the Series A Convertible Redeemable Preferred Units
—

 
—

 
—

 
—

 
1

Total fixed charges
2,055

 
1,833

 
1,502

 
1,288

 
1,126

Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
(176
)
 
993

 
1,417

 
375

 
1,437

Less: equity in earnings of affiliates
(39
)
 
276

 
332

 
236

 
212

Total earnings
(137
)
 
717

 
1,085

 
139

 
1,225

Add:
 
 
 
 
 
 
 
 
 
Fixed charges
2,055

 
1,833

 
1,502

 
1,288

 
1,126

Amortization of capitalized interest
17

 
11

 
8

 
7

 
5

Distributed income of equity investees
268

 
409

 
291

 
236

 
208

Less:
 
 
 
 
 
 
 
 
 
Interest capitalized
(202
)
 
(163
)
 
(113
)
 
(45
)
 
(101
)
Income available for fixed charges
$
2,001

 
$
2,807

 
$
2,773

 
$
1,625

 
$
2,463

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (1)
—

 
1.53

 
1.85

 
1.26

 
2.19

(1)   Earnings were insufficient to cover fixed charges by:
$
54

 
$
—

 
$
—

 
$
—

 
$
—