EX-12.1 4 d927936dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

Breitburn Energy Partners LP

Computation of Ratio of Earnings to Fixed Charges

(In thousands)

 

     Three Months
Ended
March 31, 2015
    Year Ended December 31,  
       2014     2013     2012     2011      2010  

Earnings Available for Fixed Charges

             

Net income (loss) attributable to the partnership

   $ (58,825   $ 421,333      $ (43,671   $ (40,801   $ 110,497       $ 34,751   

Add: income tax expense (benefit)

     92        (73     905        84        1,188         (204

Less: income (loss) from equity investments

     175        (31     521        692        635         700   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Pre-tax income (loss) before non-controlling interests and income from equity investees

$ (58,908 $ 421,291    $ (43,287 $ (41,409 $ 111,050    $ 33,847   

Add:

Fixed charges

  42,161      130,275      88,766      67,990      43,538      36,855   

Amortization of capitalized interest

  17      69      52      27      24      39   

Distributed income of equity investments

  500      209      466      1,179      841      1,181   

Less:

Capitalized interest

  —        326      128      54      77      270   

Preferred unit distributions

  4,125      9,350      —        —        —        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total earnings available for fixed charges

$ (20,355 $ 542,168    $ 45,869    $ 27,732    $ 155,376    $ 71,651   

Fixed Charges

Interest and other financing costs(a)

$ 41,118    $ 128,305    $ 87,195    $ 66,729    $ 42,499    $ 35,909   

Estimated interest within rental expense

  1,043      1,970      1,571      1,261      1,039      946   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total fixed charges

$ 42,161    $ 130,275    $ 88,766    $ 67,990    $ 43,538    $ 36,855   

Preferred Unit Distributions

  4,125      9,350      —        —        —        —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

    

 

 

 

Total Fixed Charges and Preferred Unit Distributions

$ 46,286    $ 139,625    $ 88,766    $ 67,990    $ 43,538    $ 36,855   

Ratio of Earnings to Fixed Charges

  —        4.2x      —        —        3.6x      1.9x   

Insufficient Coverage

$ (62,516 $ —      $ (42,897 $ (40,257 $ —      $ —     

Ratio of Earnings to Fixed Charges and Preferred Unit Distribution

  —        3.9x      —        —        3.6x      1.9x   

Insufficient Coverage

$ (66,641 $ —      $ (42,897 $ (40,257 $ —      $ —     

 

(a) Includes capitalized interest and settlements paid on interest rate swaps.