Western Midstream Operating, LP - FORM 10-K - EX-12.1 - EXHIBIT 12.1 - February 23, 2017

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EX-10.17 - EXHIBIT 10.17 - Western Midstream Operating, LPwes123116ex1017.htm
10-K - FORM 10-K - Western Midstream Operating, LPwes12311610-k.htm
EX-32.1 - EXHIBIT 32.1 - Western Midstream Operating, LPwes123116ex321.htm
EX-31.1 - EXHIBIT 31.1 - Western Midstream Operating, LPwes123116ex311.htm
EX-23.1 - EXHIBIT 23.1 - Western Midstream Operating, LPwes123116ex231.htm
EX-21.1 - EXHIBIT 21.1 - Western Midstream Operating, LPwes123116ex211.htm
EX-10.21 - EXHIBIT 10.21 - Western Midstream Operating, LPwes123116ex1021.htm
EX-10.19 - EXHIBIT 10.19 - Western Midstream Operating, LPwes123116ex1019.htm
EX-4.16 - EXHIBIT 4.16 - Western Midstream Operating, LPwes123116ex416.htm
EX-3.4 - EXHIBIT 3.4 - Western Midstream Operating, LPwes123116ex34.htm


EXHIBIT 12.1

WESTERN GAS PARTNERS, LP

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED UNIT DISTRIBUTIONS

 
 
Year Ended December 31,
thousands
 
2016
 
2015
 
2014
 
2013
 
2012
Earnings:
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
$
610,666

 
$
59,739

 
$
495,729

 
$
292,559

 
$
203,379

Add:
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
122,100

 
123,680

 
87,892

 
64,806

 
48,871

Distributions from equity investments
 
103,423

 
98,298

 
81,022

 
22,136

 
20,660

Amortization of capitalized interest
 
3,491

 
2,375

 
2,095

 
934

 
485

Less:
 
 
 
 
 
 
 
 
 
 
Equity income, net – affiliates
 
78,717

 
71,251

 
57,836

 
22,948

 
16,042

Capitalized interest
 
5,562

 
8,318

 
9,832

 
11,945

 
6,196

Net income before taxes attributable to noncontrolling interests
 
10,963

 
10,101

 
14,025

 
10,816

 
14,890

Earnings
 
$
744,438

 
$
194,422

 
$
585,045

 
$
334,726

 
$
236,267

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expense, including capitalized interest
 
$
120,483

 
$
122,190

 
$
86,598

 
$
63,742

 
$
48,256

Interest component of rent expense
 
1,617

 
1,490

 
1,294

 
1,064

 
615

Fixed charges
 
$
122,100

 
$
123,680

 
$
87,892

 
$
64,806

 
$
48,871

 
 
 
 
 
 
 
 
 
 
 
Preferred unit distribution (1)
 
$
45,784

 
$
—

 
$
—

 
$
—

 
$
—

 
 
 
 
 
 
 
 
 
 
 
Combined fixed charges and preferred unit distribution
 
$
167,884

 
$
123,680

 
$
87,892

 
$
64,806

 
$
48,871

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges (2)
 
6.1x

 
1.6x

 
6.7x

 
5.2x

 
4.8x

 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to combined fixed charges and preferred unit distribution (2) (3)
 
4.4x

 
1.6x

 
6.7x

 
5.2x

 
4.8x

__________________________________________________________________
(1) 
Represents the distributions associated with the Series A Preferred units issued in March 2016 and April 2016.
(2) 
These ratios were computed by dividing earnings by fixed charges and by combined fixed charges and preferred unit distributions, respectively. For this purpose, earnings include pre-tax income, plus fixed charges to the extent they affect current year earnings, amortization of capitalized interest and distributed income of equity investments, less equity income, noncontrolling interests in pre-tax income from subsidiaries that did not incur fixed charges, and interest capitalized during the year. Fixed charges include interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness, and estimates of interest within rental expenses.
(3) 
No preferred units were outstanding during the years ended December 31, 2015, 2014, 2013 and 2012.



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