BUCKEYE PARTNERS, L.P. - FORM 8-K - EX-12.1 - January 7, 2011

Attached files

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8-K - FORM 8-K - BUCKEYE PARTNERS, L.P.h78730e8vk.htm
EX-1.1 - EX-1.1 - BUCKEYE PARTNERS, L.P.h78730exv1w1.htm
EX-5.1 - EX-5.1 - BUCKEYE PARTNERS, L.P.h78730exv5w1.htm
Exhibit 12.1
Buckeye Partners, L.P.
Computation of Ratio of Earnings to Fixed Charges
Dollars in Thousands
                                                         
                                            Nine Months Ended
    Years Ended December 31,   September 30,
    2005   2006   2007   2008   2009   2009   2010
     
Earnings:
                                                        
Income from continuing operations
   $ 99,958     $ 110,240     $ 155,356     $ 183,159     $ 140,982     $ 63,278     $ 165,283  
Equity income (greater than) less than distributions
     (1,539 )     596       (135 )     (2,875 )     (2,871 )     (4,750 )     2,220  
Less: capitalized interest
     (2,325 )     (1,845 )     (1,469 )     (2,355 )     (3,401 )     (2,906 )     (1,710 )
     
Total earnings
     96,094       108,991       153,752       177,929       134,710       55,622       165,793  
     
 
                                                        
Fixed Charges:
                                                        
Interest and debt expense
     43,357       52,113       50,378       74,387       74,851       53,780       64,825  
Capitalized interest
     2,325       1,845       1,469       2,355       3,401       2,906       1,710  
Portion of rentals representing an interest factor
     2,913       3,432       3,910       6,723       7,052       5,224       5,388  
     
Total fixed charges
     48,595       57,390       55,757       83,465       85,304       61,910       71,923  
     
 
                                                        
Earnings available for fixed charges
   $ 144,689     $ 166,381     $ 209,509     $ 261,394     $ 220,014     $ 117,532     $ 237,716  
     
 
                                                        
Ratio of earnings to fixed charges
     2.98       2.90       3.76       3.13       2.58       1.90       3.31  
     

 

 

Computation of Ratio of Earnings to Fixed Charges
on a pro forma basis to give effect to the acquisition
of all of the economic interest in Buckeye GP
Holdings
                 
            Nine Months
    Year Ended   Ended
    December 31,   September 30,
    2009   2010
     
Earnings:
                
Income from continuing operations
   $ 137,365     $ 161,148  
Equity income (greater than) less than distributions
     (2,871 )     2,220  
Less: capitalized interest
     (3,401 )     (1,710 )
     
Total earnings
     131,093       161,658  
     
 
                
Fixed Charges:
                
Interest and debt expense
     75,217       65,141  
Capitalized interest
     3,401       1,710  
Portion of rentals representing an interest factor
     7,052       5,388  
     
Total fixed charges
     85,670       72,239  
     
 
                
Earnings available for fixed charges
   $ 216,763     $ 233,897  
     
 
                
Ratio of earnings to fixed charges
     2.53       3.24  
     

 

 

Computation of Ratio of Earnings to Fixed Charges
on a pro forma basis as adjusted to reflect the
acquisition of an 80% interest in Bahamas Oil
Refining Company International Limited
                 
            Nine Months
    Year Ended   Ended
    December 31,   September 30,
    2009   2010
     
Earnings:
                
Income from continuing operations
   $ 135,276     $ 179,399  
Equity income (greater than) less than distributions
     (2,871 )     2,220  
Less: capitalized interest
     (6,202 )     (2,588 )
     
Total earnings
     126,203       179,031  
       
 
                
Fixed Charges:
                
Interest and debt expense
     103,982       87,938  
Capitalized interest
     6,202       2,588  
Portion of rentals representing an interest factor
     9,992       7,897  
     
Total fixed charges
     120,176       98,423  
       
 
                
Earnings available for fixed charges
   $ 246,379     $ 277,454  
     
 
                
Ratio of earnings to fixed charges
     2.05       2.82  
     

 

 

Computation of Ratio of Earnings to Fixed Charges
on a pro forma basis as adjusted to reflect the
acquisition of a 100% interest in Bahamas Oil
Refining Company International Limited
                 
            Nine Months
    Year Ended   Ended
    December 31,   September 30,
    2009   2010
     
Earnings:
                
Income from continuing operations
   $ 133,779     $ 182,498  
Equity income (greater than) less than distributions
     (2,871 )     2,220  
Less: capitalized interest
     (6,202 )     (2,588 )
     
Total earnings
     124,706       182,130  
       
 
                
Fixed Charges:
                
Interest and debt expense
     110,833       93,076  
Capitalized interest
     6,202       2,588  
Portion of rentals representing an interest factor
     9,992       7,897  
     
Total fixed charges
     127,027       103,561  
       
 
                
Earnings available for fixed charges
   $ 251,733     $ 285,691  
     
 
                
Ratio of earnings to fixed charges
     1.98       2.76  
     

 

BUCKEYE PARTNERS, L.P. Reports