EX-12 2 mlp-2017331_exhibit12.htm EXHIBIT 12 Exhibit


Exhibit 12


PHILLIPS 66 PARTNERS LP

Computation of Ratio of Earnings to Fixed Charges

 
Millions of Dollars
 
Three Months Ended
March 31

 
 
 
 
Years Ended December 31
 
2017

 
2016

 
2015

 
2014

 
2013

 
2012

Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
97

 
410

 
306

 
246

 
176

 
123

Undistributed equity earnings*
(4
)
 
1

 
—

 
—

 
—

 
—

Fixed charges, excluding capitalized interest
24

 
53

 
35

 
5

 
—

 
—

Amortization of capitalized interest
—

 
2

 
—

 
—

 
—

 
—

 
$
117

 
466

 
341

 
251

 
176

 
123

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest and expense on indebtedness, excluding capitalized interest
$
24

 
52

 
34

 
5

 
—

 
—

Capitalized interest
—

 
5

 
32

 
7

 
—

 
—

Interest portion of rental expense
—

 
1

 
1

 
—

 
—

 
—

 
$
24

 
58

 
67

 
12

 
—

 
—

Ratio of Earnings to Fixed Charges
4.9

 
8.0

 
5.1

 
20.9

 
N/A

 
N/A

*Includes unfunded equity losses.