Exhibit 12.1

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

	Twelve Months Ended December 31,															Three Months Ended March 31, 2005
	2000			2001			2002			2003			2004
EARNINGS:
Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle *	$	79,316		$	97,613		$	107,495		$	88,169		$	108,601		$	41,605
Fixed charges		28,438			15,755			33,344			39,779			41,657			13,571
Amortization of capitalized interest		459			465			471			462			463			116
Capitalized interest		(1,282	)		(764	)		(231	)		(102	)		(426	)		(161	)
Total earnings	$	106,931		$	113,069		$	141,079		$	128,308		$	150,295		$	55,131
FIXED CHARGES:
Interest expense	$	27,009		$	14,606		$	22,907		$	36,597		$	37,893		$	12,580
Capitalized interest		1,282			764			231			102			426			161
Debt expense amortization		—			253			9,950			2,830			3,056			732
Rent expense representative of interest factor		147			132			256			250			282			98
Total fixed charges	$	28,438		$	15,755		$	33,344		$	39,779		$	41,657		$	13,571
Ratio of earnings to fixed charges		3.8			7.2			4.2			3.2			3.6			4.1

* Excludes equity investment income and minority interest expense.