Exhibit 12.1

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

	Twelve Months Ended December 31,															Six Months Ended June 30, 2004
	1999			2000			2001			2002			2003
EARNINGS:
Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle *	$	89,220		$	79,316		$	97,613		$	107,495		$	88,169		$	44,004
Fixed charges		20,508			28,438			15,755			33,344			39,779			18,944
Amortization of capitalized interest		457			459			465			471			462			232
Capitalized interest		(1,215	)		(1,282	)		(764	)		(231	)		(102	)		(259	)
Total earnings	$	108,970		$	106,931		$	113,069		$	141,079		$	128,308		$	62,921
FIXED CHARGES:
Interest expense	$	19,167		$	27,009		$	14,606		$	22,907		$	36,597		$	17,219
Capitalized interest		1,215			1,282			764			231			102			259
Debt expense amortization		—			—			253			9,950			2,830			1,338
Rent expense representative of interest factor		126			147			132			256			250			128
Total fixed charges	$	20,508		$	28,438		$	15,755		$	33,344		$	39,779		$	18,944
Ratio of earnings to fixed charges		5.3			3.8			7.2			4.2			3.2			3.3

* Excludes income from equity investments and minority interest expense.