EX-12 6 a2136448zex-12.htm EXHIBIT 12
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Exhibit 12


PANHANDLE EASTERN PIPE LINE COMPANY
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
    
    
   Years Ended
December 31,
    
    
  
 
   For Period of
June 12-
December 31,
2003
   For Period of
January 1-
June 11,
2003
   For Period of
March 29-
December 31,
1999
   For Period of
January 1-
March 28,
1999
  
 
   2002
   2001
   2000
  
 
   (dollars in millions)

  
EARNINGS:                                            
Consolidated pre-tax income from continuing operations before minority interest and equity earnings (losses)   $ 84.8   $ 78.1   $ 125.5   $ 95.1   $ 107.1   $ 68.5   $ 52.8  
Equity earnings (losses)     —     0.4     (7.0 )   (0.8 )   0.2     (0.2 )   0.2  
SFAS 145 adjustment                 0.9     (3.2 )                  
Fixed charges     27.9     37.0     81.2     87.3     86.7     62.9     19.7  
Minority interest     —     —     (3.5 )   —     —     —     —  
Capitalized interest     (1.6 )   (1.0 )   (3.0 )   (3.0 )   (0.2 )   (0.3 )   (0.1 )
   
 
 
 
 
 
 
 
  Earnings   $ 111.1   $ 114.5   $ 194.1   $ 175.4   $ 193.8   $ 130.9   $ 72.6  
   
 
 
 
 
 
 
 
FIXED CHARGES:                                            
Interest   $ 25.6   $ 33.0   $ 73.8   $ 82.0   $ 84.1   $ 58.1   $ 18.4  
Net amortization of debt discount and premium and issuance expense           2.4     2.6     0.8     0.6     0.7     0.2  
Capitalized interest     1.6     1.0     3.0     3.0     0.2     0.3     0.1  
Interest portion of rental expense     0.7     0.6     1.8     1.5     1.8     3.8     1.0  
   
 
 
 
 
 
 
 
  Fixed charges   $ 27.9   $ 37.0   $ 81.2   $ 87.3   $ 86.7   $ 62.9   $ 19.7  
   
 
 
 
 
 
 
 
Ratio of earnings to fixed charges     4.0     3.1     2.4     2.0     2.2     2.1     3.6  



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PANHANDLE EASTERN PIPE LINE COMPANY COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES