Exhibit 12.1

ENERGY TRANSFER EQUITY, L.P.

Computation of Ratio of Earnings to Fixed Charges

(in millions, except for ratio amounts)

(Unaudited)

	Three Months Ended March 31,			Years Ended December 31,
	2014			2013			2012			2011			2010			2009
Fixed charges:
Interest expense	$	315		$	1,221		$	1,018		$	740		$	625		$	468
Capitalized interest		16			45			101			14			29			16
Interest expense included in rental expense		3			16			6			3			3			3
Distribution to the Series A Convertible Redeemable Preferred Units		1			6			8			8			4			—
Accretion of the Series A Convertible Redeemable Preferred Units		—			—			1			—			—			—
Total fixed charges		335			1,288			1,134			765			661			487
Earnings:
Income from continuing operations before income taxes		569			375			1,437			548			358			701
Less: equity in earnings (losses) of affiliates		104			236			212			117			65			20
Total earnings		465			139			1,225			431			293			681
Add:
Fixed charges		335			1,288			1,134			765			661			487
Amortization of capitalized interest		2			7			5			4			3			1
Distributed income of equity investees		67			313			208			117			65			—
Less:
Interest capitalized		(16	)		(45	)		(101	)		(14	)		(29	)		(16	)
Income available for fixed charges	$	853		$	1,702		$	2,471		$	1,303		$	993		$	1,153
Ratio of earnings to fixed charges		2.55			1.32			2.18			1.70			1.50			2.37