EX-12 2 mlp-2016630_exhibit12.htm EXHIBIT 12 Exhibit


Exhibit 12


PHILLIPS 66 PARTNERS LP

Computation of Ratio of Earnings to Fixed Charges

 
Millions of Dollars
 
Six Months Ended

 
 
 
June 30

 
Years Ended December 31
 
2016

 
2015*

 
2014*

 
2013*

 
2012*

 
2011*

Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Income before income taxes
$
138.5

 
189.5

 
135.6

 
95.8

 
68.1

 
63.7

Undistributed equity earnings
(1.1
)
 
(0.1
)
 
—

 
—

 
—

 
—

Fixed charges, excluding capitalized interest**
21.7

 
34.5

 
5.3

 
0.3

 
—

 
—

 
$
159.1

 
223.9

 
140.9

 
96.1

 
68.1

 
63.7

 
 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
 
Interest and expense on indebtedness, excluding capitalized interest
$
20.9

 
33.9

 
5.3

 
0.3

 
—

 
—

Capitalized interest
2.7

 
31.6

 
6.9

 
—

 
—

 
—

Interest portion of rental expense
0.3

 
0.6

 
—

 
—

 
—

 
—

 
$
23.9

 
66.1

 
12.2

 
0.3

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
6.7

 
3.4

 
11.5

 
320.3

 
N/A

 
N/A

*Prior-period financial information has been retrospectively adjusted for the acquisitions of businesses under common control.
**Includes amortization of capitalized interest of approximately $0.5 million for the six months ended June 30, 2016.