EX-12.1 3 ete2017ratio-123117xex121.htm EXHIBIT 12.1 Exhibit


Exhibit 12.1

ENERGY TRANSFER EQUITY, L.P.
Computation of Ratio of Earnings to Fixed Charges
(in millions, except for ratio amounts)
(Unaudited)

 
Years Ended December 31,
 
2017
 
2016
 
2015
 
2014
 
2013
Fixed charges:
 
 
 
 
 
 
 
 
 
Interest expense
$
1,922

 
$
1,804

 
$
1,622

 
$
1,368

 
$
1,221

Capitalized interest
286

 
201

 
164

 
101

 
45

Interest expense included in rental expense
18

 
17

 
27

 
10

 
16

Distribution to the Series A Convertible Redeemable Preferred Units
—

 
—

 
3

 
3

 
6

Total fixed charges
2,226

 
2,022

 
1,816

 
1,482

 
1,288

Earnings:
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes
710

 
204

 
900

 
1,339

 
411

Less: equity in earnings of affiliates
144

 
270

 
276

 
332

 
236

Total earnings
566

 
(66
)
 
624

 
1,007

 
175

Add:
 
 
 
 
 
 
 
 
 
Fixed charges
2,226

 
2,022

 
1,816

 
1,482

 
1,288

Amortization of capitalized interest
24

 
3

 
(21
)
 
8

 
7

Distributed income of equity investees
297

 
268

 
409

 
291

 
236

Less:
 
 
 
 
 
 
 
 
 
Interest capitalized
(286
)
 
(201
)
 
(164
)
 
(101
)
 
(45
)
Income available for fixed charges
$
2,827

 
$
2,026

 
$
2,664

 
$
2,687

 
$
1,661

 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
1.27

 
1.00

 
1.47

 
1.81

 
1.29