Breitburn Energy Partners LP - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - March 2, 2015

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EXCEL - IDEA: XBRL DOCUMENT - Breitburn Energy Partners LPFinancial_Report.xls
EX-32.2 - EXHIBIT 32.2 - Breitburn Energy Partners LPexhibit322bbep12312014.htm
EX-31.1 - EXHIBIT 31.1 - Breitburn Energy Partners LPexhibit311bbep12312014.htm
EX-31.2 - EXHIBIT 31.2 - Breitburn Energy Partners LPexhibit312bbep12312014.htm
EX-32.1 - EXHIBIT 32.1 - Breitburn Energy Partners LPexhibit321bbep12312014.htm
EX-99.1 - EXHIBIT 99.1 - Breitburn Energy Partners LPexhibit99112312014nsairese.htm
EX-10.38 - EXHIBIT 10.38 - Breitburn Energy Partners LPexhibit1038123120142014cpu.htm
EX-99.3 - EXHIBIT 99.3 - Breitburn Energy Partners LPexhibit99312312014slbreser.htm
EX-23.4 - EXHIBIT 23.4 - Breitburn Energy Partners LPexhibit234cgaconsent123120.htm
EX-99.4 - EXHIBIT 99.4 - Breitburn Energy Partners LPexhibit99412312014cgareser.htm
EX-23.1 - EXHIBIT 23.1 - Breitburn Energy Partners LPexhibit231pwcconsent123120.htm
EX-23.3 - EXHIBIT 23.3 - Breitburn Energy Partners LPexhibit233slbconsent123120.htm
EX-21.1 - EXHIBIT 21.1 - Breitburn Energy Partners LPexhibit211subslisting12312.htm
EX-10.49 - EXHIBIT 10.49 - Breitburn Energy Partners LPexhibit104912312014employm.htm
EX-10.51 - EXHIBIT 10.51 - Breitburn Energy Partners LPexhibit105112312014directo.htm
EX-10.50 - EXHIBIT 10.50 - Breitburn Energy Partners LPexhibit105012312014non-emp.htm
EX-23.2 - EXHIBIT 23.2 - Breitburn Energy Partners LPexhibit232nsaconsent123120.htm
EX-10.37 - EXHIBIT 10.37 - Breitburn Energy Partners LPexhibit1037123120142013cpu.htm
10-K - 10-K - Breitburn Energy Partners LPbbep12311410k.htm
EX-99.2 - EXHIBIT 99.2 - Breitburn Energy Partners LPexhibit99212312014nsairese.htm


Exhibit 12.1


Breitburn Energy Partners LP
Computation of Ratio of Earnings to Fixed Charges
(In thousands)

 
 
Year Ended December 31,
 
 
2014
 
2013
 
2012
 
2011
 
2010
 
 
 
 
 
 
 
 
 
 
 
Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to the partnership
 
$
421,333

 
$
(43,671
)
 
$
(40,801
)
 
$
110,497

 
$
34,751

Add: income tax expense (benefit)
 
(73
)
 
905

 
84

 
1,188

 
(204
)
Less: income from equity investments
 
(31
)
 
521

 
692

 
635

 
700

Pre-tax income (loss) before non-controlling interests and income from equity investees
 
421,291

 
(43,287
)
 
(41,409
)
 
111,050

 
33,847

Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
130,275

 
88,766

 
67,990

 
43,538

 
36,855

Amortization of capitalized interest
 
69

 
52

 
27

 
24

 
39

Distributed income of equity investments
 
209

 
466

 
1,179

 
841

 
1,181

Less:
 
 
 
 
 
 
 
 
 
 
Capitalized interest
 
326

 
128

 
54

 
77

 
270

Preferred unit distributions
 
9,350

 
—

 
—

 
—

 
—

Total earnings available for fixed charges
 
$
542,168

 
$
45,869

 
$
27,732

 
$
155,376

 
$
71,651

 
 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
 
Interest and other financing costs (a)
 
$
128,305

 
$
87,195

 
$
66,729

 
$
42,499

 
$
35,909

Estimated interest within rental expense
 
1,970

 
1,571

 
1,261

 
1,039

 
946

Total fixed charges
 
$
130,275

 
$
88,766

 
$
67,990

 
$
43,538

 
$
36,855

 
 
 
 
 
 
 
 
 
 
 
Preferred Unit Distributions
 
9,350

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges and Preferred Unit Distributions
 
$
139,625

 
$
88,766

 
$
67,990

 
$
43,538

 
$
36,855

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
 
4.2x

 
—

 
—

 
3.6x

 
1.9x

Insufficient Coverage
 
—

 
$
(42,897
)
 
$
(40,257
)
 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges and Preferred Unit Distribution
 
3.9x

 
—

 
—

 
3.6x

 
1.9x

Insufficient Coverage
 
—

 
$
(42,897
)
 
$
(40,257
)
 
—

 
—

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



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