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, 2017
Fixed Charges:
Interest expense, net	$	486
Capitalized interest	53
Interest charges included in rental expense	5
Total fixed charges	544
Earnings:
Income before income tax expense and noncontrolling interest	325
Less: equity in earnings of unconsolidated affiliates	87
Total earnings	238
Add:
Fixed charges	544
Amortization of capitalized interest	5
Distributed income of equity investees	46
Less:
Interest capitalized	(53		)
Income available for fixed charges	$	780
Ratio of earnings to fixed charges	1.43