EX-12.1 4 a2160254zex-12_1.htm EXHIBIT 12.1
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Exhibit 12.1

Plains All American Pipeline, LP
Calculation of Ratio of Earnings to Fixed Charges

						Year Ended December 31,
				Three Months Ended March 31, 2005		Year Ended December 31,
				Three Months Ended March 31, 2005		2004		2003		2002		2001		2000
EARNINGS
	Income from continuing operations before income from equity investees			32,635		129,460		59,295		64,836		43,671		77,502
	Add: Fixed Charges			16,803		52,626		42,622		36,157		34,409		33,283
		Distributed income of equity investees		444		444		395		—		—		—
	Subtract: Capitalized Interest			(620	)	(544	)	(524	)	(773	)	(153	)	—

			Total Earnings(1)	49,262		181,986		101,788		100,220		77,927		110,785

FIXED CHARGES
	Interest expensed and capitalized			15,178		47,220		35,750		29,830		29,235		28,691
	Amortization of Debt Expense			641		2,537		3,787		3,676		2,667		2,051
	Portion of rent expense related to interest (33%)			984		2,869		3,085		2,651		2,507		2,541

			Total Fixed Charges	16,803		52,626		42,622		36,157		34,409		33,283

	RATIO OF EARNINGS TO FIXED CHARGES(2)			2.93x		3.46x		2.39x		2.77x		2.26x		3.33x

(1): For purposes of computing the ratio of earnings to fixed charges, "earnings" consist of pretax income from continuing operations plus fixed charges (excluding capitalized interest). "Fixed charges" represent interest incurred (whether expensed or capitalized), amortization of debt expense, and that portion of rental expense on operating leases deemed to be the equivalent of interest.
(2): The 2000 period includes a loss of $15.1 million related to early extinguishment of debt previously classified as extraordinary items. Effective with our adoption of SFAS 145, "Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections" in January 2003, such items are included in income from continuing operations.