Exhibit 12.1

Transcontinental Gas Pipe Line Corporation

Computation of Ratio of Earnings to Fixed Charges
Thousands of Dollars, except ratios
(UNAUDITED)

												For the		For the
	For the Year Ended December 31,											Six Months		Six Months
												Ended		Ended
												June 30,		June 30,
	2001		2002		2003		2004		2005			2005		2006
Earnings Available for Fixed Charges:
Net Income	$	128,996	$	160,739	$	193,538	$	179,454	$	185,315		$	94,429	$	79,837
Adjustment for distributed income of equity investees		4,139		461		527		434		302			633		(104	)
Plus — Interest expense and portion of rents representative of the interest factor, net of interest capitalized, and amortization of debt expense, discount and premium		92,280		95,583		91,667		88,968		80,105			40,046		38,222
Federal income taxes		43,966		71,165		75,839		68,707		96,420			46,472		16,824
Deferred federal income taxes		26,912		25,186		28,909		28,331		(1,710	)		4,095		25,903
State and Municipal income taxes		9,194		13,589		14,143		14,883		15,229			6,574		5,962
Total	$	305,487	$	366,723	$	404,623	$	380,777	$	375,661		$	192,249	$	166,644
Fixed Charges:
Interest on long-term debt	$	67,799	$	80,303	$	84,354	$	84,397	$	75,603		$	37,839	$	40,684
Other interest expense (includes intercompany)		20,336		10,770		2,260		2,061		1,916			885		(4,076	)
Portion of rents representative of the interest factor, including amounts capitalized		7,132		6,950		5,188		1,000		1,205			657		618
Amortization of debt expense, discount and premium		122		722		1,718		1,797		1,655			824		1,163
Total	$	95,389	$	98,745	$	93,520	$	89,255	$	80,379		$	40,205	$	38,389
Ratio of earnings to fixed charges		3.20		3.71		4.33		4.27		4.67			4.78		4.34

For purposes of calculating the ratio of earnings to fixed charges:

(a)	Earnings represent the aggregate of pre-tax income, adjusted for distributed income of equity investees, and fixed charges, net of interest capitalized.
(b)	Fixed charges represent interest (whether expensed or capitalized), the amortization of total debt premium, discount and expense, and that portion of rentals considered to be representative of the interest factor.