Attached files

file filename
EX-31.1 - EXHIBIT 31.1 - DCP Midstream, LPdpm-20160331xexhibit311.htm
EX-32.1 - EXHIBIT 32.1 - DCP Midstream, LPdpm-20160331xexhibit321.htm
EX-31.2 - EXHIBIT 31.2 - DCP Midstream, LPdpm-20160331xexhibit312.htm
EX-32.2 - EXHIBIT 32.2 - DCP Midstream, LPdpm-20160331xexhibit322.htm
10-Q - 10-Q - DCP Midstream, LPdpm-20160331x10q.htm
Exhibit 12.1


RATIO OF EARNINGS TO FIXED CHARGES

The table below sets forth the calculation of Ratios of Earnings to Fixed Charges:
 
DCP Midstream Partners, LP
 
Three Months Ended March 31,
Year Ended December 31,
 
2016
2015
2014 (a)
2013 (a)
2012 (a)
 
(Millions)
Earnings from continuing operations before fixed charges:
 
 
 
 
 
Pretax income from continuing operations before earnings from unconsolidated affiliates
$
23

$
50

$
354

$
175

$
191

Fixed charges
24

98

94

68

50

Amortization of capitalized interest

1

1

1


Distributed earnings from unconsolidated affiliates
49

173

75

33

24

Less:
 
 
 
 
 
Capitalized interest

(6
)
(8
)
(15
)
(7
)
Earnings from continuing operations before fixed charges
$
96

$
316

$
516

$
262

$
258

 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
Interest expense, net of capitalized interest
23

87

81

48

39

Capitalized interest

6

8

15

7

Estimate of interest within rental expense



1

1

Amortization of deferred loan costs
1

5

5

4

3

Total fixed charges
$
24

$
98

$
94

$
68

$
50

 
 
 
 
 
 
Ratio of earnings to fixed charges
4.00

3.22

5.49

3.85

5.16


(a)
The financial information for the the years ended December 31, 2014, 2013, and 2012 includes the results of our Lucerne 1 plant, a transfer of net assets between entities under common control that was accounted for as if the transfer occurred at the beginning of the period, and prior years are retrospectively adjusted to furnish comparative information similar to the pooling method.

For purposes of determining the ratio of earnings to fixed charges, earnings are defined as pretax income or loss from continuing operations before earnings from unconsolidated affiliates, plus fixed charges, plus distributed earnings from unconsolidated affiliates, less capitalized interest. Fixed charges consist of interest expense, capitalized interest, amortization of deferred loan costs, and an estimate of the interest within rental expense.