EX-12 2 wpz_20131231x8kxex12.htm EX-12 WPZ_2013.12.31_8K_EX12


Exhibit 12

Williams Partners L.P.
Computation of Ratio of Earnings to Fixed Charges
 
 
 
Years Ended December 31,
  
 
2013
 
2012
 
2011
 
2010
 
2009
 
 
(Millions)
Earnings:
 
 
 
 
 
 
 
 
 
 
Income before income taxes
 
$
1,149

 
$
1,333

 
$
1,650

 
$
1,264

 
$
1,067

Less: Equity earnings (1)
 
(104
)
 
(111
)
 
(142
)
 
(109
)
 
(81
)
Income before income taxes and equity earnings
 
1,045

 
1,222

 
1,508

 
1,155

 
986

Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest incurred (1)
 
477

 
458

 
439

 
399

 
262

Rental expense representative of interest factor
 
10

 
8

 
7

 
7

 
9

Total fixed charges
 
487

 
466

 
446

 
406

 
271

Distributed income of equity method investees (1)
 
152

 
160

 
167

 
133

 
78

Less:
 
 
 
 
 
 
 
 
 
 
Interest capitalized
 
(90
)
 
(54
)
 
(24
)
 
(35
)
 
(60
)
Total earnings as adjusted
 
$
1,594

 
$
1,794

 
$
2,097

 
$
1,659

 
$
1,275

Fixed charges
 
$
487

 
$
466

 
$
446

 
$
406

 
$
271

Ratio of earnings to fixed charges
 
3.27

 
3.85

 
4.70

 
4.09

 
4.70

 
(1)
Prior years have been recast to include the effect of 50%-owned companies.