Attached files
| file | filename |
|---|---|
| EX-10.12 - EXHIBIT 10.12 - DCP Midstream, LP | dpm-20171231xexhibit1012.htm |
| EX-32.2 - EXHIBIT 32.2 - DCP Midstream, LP | dpm-20171231xexhibit322.htm |
| EX-32.1 - EXHIBIT 32.1 - DCP Midstream, LP | dpm-20171231xexhibit321.htm |
| EX-31.2 - EXHIBIT 31.2 - DCP Midstream, LP | dpm-20171231xexhibit312.htm |
| EX-31.1 - EXHIBIT 31.1 - DCP Midstream, LP | dpm-20171231xexhibit311.htm |
| EX-23.3 - EXHIBIT 23.3 - DCP Midstream, LP | dpm-20171231xexhibit233.htm |
| EX-23.2 - EXHIBIT 23.2 - DCP Midstream, LP | dpm-20171231xexhibit232.htm |
| EX-23.1 - EXHIBIT 23.1 - DCP Midstream, LP | dpm-20171231xexhibit231.htm |
| EX-21.1 - EXHIBIT 21.1 - DCP Midstream, LP | dpm-20171231xexhibit211.htm |
| EX-10.17 - EXHIBIT 10.17 - DCP Midstream, LP | dpm-20171231xexhibit1017.htm |
| EX-10.16 - EXHIBIT 10.16 - DCP Midstream, LP | dpm-20171231xexhibit1016.htm |
| EX-10.13 - EXHIBIT 10.13 - DCP Midstream, LP | dpm-20171231xexhibit1013.htm |
| 10-K - 10-K - DCP Midstream, LP | dcp-20171231x10k.htm |
Exhibit 12.1
DCP Midstream, LP
Computation of Ratio of Earnings to Fixed Charges
The table below sets forth the computation of Ratios of Earnings to Fixed Charges:
Year Ended December 31, | |||||||||||||||||||
2017 | 2016 (a) | 2015 (a) | 2014 (a) | 2013 (a) | |||||||||||||||
(Millions) | |||||||||||||||||||
Earnings from continuing operations before fixed charges: | |||||||||||||||||||
Pretax (loss) income from continuing operations attributable to partners before earnings from unconsolidated affiliates | $ | (72 | ) | $ | (148 | ) | $ | (1,157 | ) | $ | 476 | $ | 554 | ||||||
Fixed charges | 302 | 324 | 355 | 322 | 290 | ||||||||||||||
Amortization of capitalized interest | 7 | 7 | 7 | 6 | 5 | ||||||||||||||
Distributed earnings from unconsolidated affiliates | 303 | 282 | 184 | 82 | 35 | ||||||||||||||
Less: | |||||||||||||||||||
Capitalized interest | (7 | ) | (1 | ) | (32 | ) | (34 | ) | (40 | ) | |||||||||
Distributions to Series A Preferred Units | (4 | ) | — | — | — | — | |||||||||||||
Earnings from continuing operations before fixed charges | $ | 529 | $ | 464 | $ | (643 | ) | $ | 852 | $ | 844 | ||||||||
Fixed charges: | |||||||||||||||||||
Interest expense, net of capitalized interest | 282 | 300 | 310 | 277 | 239 | ||||||||||||||
Capitalized interest | 7 | 1 | 32 | 34 | 40 | ||||||||||||||
Estimate of interest within rental expense | 2 | 2 | 2 | 1 | 2 | ||||||||||||||
Amortization of deferred loan costs | 7 | 21 | 11 | 10 | 9 | ||||||||||||||
Distributions to Series A Preferred Units | 4 | — | — | — | — | ||||||||||||||
Total fixed charges | $ | 302 | $ | 324 | $ | 355 | $ | 322 | $ | 290 | |||||||||
Ratio of earnings to fixed charges (b) | 1.75 | 1.43 | — | 2.65 | 2.91 | ||||||||||||||
(a) | The financial information for the the years ended December 31, 2016, 2015, 2014 and 2013 includes the results of The DCP Midstream Business, which we acquired from DCP Midstream, LLC on January 1, 2017. This transfer of net assets between entities under common control was accounted for as if the transfer occurred at the beginning of the period, and prior years were retrospectively adjusted to furnish comparative information similar to the pooling method. |
(b) | Earnings for the year ended December 31, 2015 were inadequate to cover fixed charges by $998 million. |
For purposes of determining the ratio of earnings to fixed charges, earnings are defined as pretax income or loss from continuing operations attributable to partners before earnings from unconsolidated affiliates, plus fixed charges, plus amortization of capitalized interest, plus distributed earnings from unconsolidated affiliates, less capitalized interest. Fixed charges consist of interest expense, capitalized interest, amortization of deferred loan costs, an estimate of the interest within rental expense, and distributions to Series A Preferred Units.