EX-12.1 2 rgp12312014ex121earningsfc.htm RATIO OF EARNINGS TO FIXED CHARGES RGP 12.31.2014 EX 12.1 (Earnings / FC Ratio)


Exhibit 12.1
Regency Energy Partners LP
Computation of Ratio of Earnings to Fixed Charges
(in millions, except for ratio amounts)
(Unaudited)
 
Successor
 
 
Predecessor
 
Year Ended
December 31, 2014
 
Year Ended
December 31, 2013
 
Year Ended
December 31, 2012
 
Year Ended
December 31, 2011
 
Period from
Acquisition (May 26, 2010) to
December 31, 2010
 
 
Period from
January 1, 2010 to
May 25, 2010
Fixed Charges:
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense, net
$
304

 
$
164

 
$
122

 
$
103

 
$
48

 
 
$
35

Capitalized interest
14

 
2

 
1

 
1

 
1

 
 
1

Interest charges included in rental expense (a)
7

 
4

 
2

 
2

 
1

 
 
—

Distribution to the Series A Preferred Units
4

 
6

 
8

 
8

 
4

 
 
2

Accretion of the Series A Preferred Units
1

 
—

 
2

 
—

 
—

 
 
—

Total fixed charges (b)
$
330

 
$
176

 
$
135

 
$
114

 
$
54

 
 
$
38

Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations before income taxes
$
(139
)
 
$
26

 
$
34

 
$
74

 
$
(4
)
 
 
$
(5
)
Less:
 
 
 
 
 
 
 
 
 
 
 
 
Income from unconsolidated affiliates
195

 
135

 
105

 
120

 
54

 
 
16

Capitalized interest
14

 
2

 
1

 
1

 
1

 
 
1

Noncontrolling interests
15

 
8

 
2

 
2

 
—

 
 
—

Add:
 
 
 
 
 
 
 
 
 
 
 
 
Distributed income from unconsolidated affiliates
204

 
142

 
121

 
119

 
57

 
 
12

Fixed charges
330

 
176

 
135

 
114

 
54

 
 
38

Amortization of capitalized interest
1

 
1

 
—

 
1

 
—

 
 
1

Total earnings available for fixed charges (c)
$
172

 
$
200

 
$
182

 
$
185

 
$
52

 
 
$
29

Ratio of earnings to fixed charges (c)/(b) (1)
—

 
1.14

 
1.35

 
1.63

 
—

 
 
—

(1) Earnings were insufficient to cover fixed charges by:
$
158

 
$
—

 
$
—

 
$
—

 
$
2

 
 
$
9

_______________________
(a)    Amount approximates reasonable interest expense included within operating lease payments.