EX-12 3 mlp-20161231_10xkxex12.htm EXHIBIT 12 Exhibit


Exhibit 12



PHILLIPS 66 PARTNERS LP

Computation of Ratio of Earnings to Fixed Charges

 
Millions of Dollars
 
Year Ended December 31
 
2016

 
2015*

 
2014*

 
2013*

 
2011*

Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
Income before income tax
$
410

 
306

 
246

 
176

 
123

Undistributed equity earnings
1

 
—

 
—

 
—

 
—

Fixed charges, excluding capitalized interest
53

 
35

 
5

 
—

 
—

Amortization of capitalized interest
2

 
—

 
—

 
—

 
—

 
$
466

 
341

 
251

 
176

 
123

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest and expense on indebtedness, excluding capitalized interest
$
52

 
34

 
5

 
—

 
—

Capitalized interest
5

 
32

 
7

 
—

 
—

Interest portion of rental expense
1

 
1

 
—

 
—

 
—

 
$
58

 
67

 
12

 
—

 
—

Ratio of Earnings to Fixed Charges
8.0

 
5.1

 
20.9

 
N/A


N/A

*Prior-period financial information has been retrospectively adjusted for acquisitions of businesses under common control.