Attached files

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EX-31.2 - EX-31.2 - PLAINS GP HOLDINGS LPa15-24559_1ex31d2.htm
EX-32.2 - EX-32.2 - PLAINS GP HOLDINGS LPa15-24559_1ex32d2.htm
EX-23.1 - EX-23.1 - PLAINS GP HOLDINGS LPa15-24559_1ex23d1.htm
EX-31.1 - EX-31.1 - PLAINS GP HOLDINGS LPa15-24559_1ex31d1.htm
EX-32.1 - EX-32.1 - PLAINS GP HOLDINGS LPa15-24559_1ex32d1.htm
EX-21.1 - EX-21.1 - PLAINS GP HOLDINGS LPa15-24559_1ex21d1.htm
10-K - 10-K - PLAINS GP HOLDINGS LPa15-24559_110k.htm

Exhibit 12.1

 

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratio data)

 

 

 

Year Ended December 31,

 

 

 

2015

 

2014

 

2013

 

2012

 

2011

 

EARNINGS (1)

 

 

 

 

 

 

 

 

 

 

 

Pre-tax income from continuing operations before noncontrolling interests and income from equity investees

 

$

808

 

$

1,432

 

$

1,416

 

$

1,135

 

$

1,019

 

add: Fixed charges

 

559

 

466

 

430

 

387

 

334

 

add: Distributed income of equity investees

 

214

 

105

 

55

 

40

 

23

 

add: Amortization of capitalized interest

 

6

 

4

 

3

 

2

 

2

 

less: Capitalized interest

 

(57

)

(48

)

(38

)

(36

)

(25

)

Total Earnings

 

$

1,530

 

$

1,959

 

$

1,866

 

$

1,528

 

$

1,353

 

 

 

 

 

 

 

 

 

 

 

 

 

FIXED CHARGES (1)

 

 

 

 

 

 

 

 

 

 

 

Interest expensed and capitalized (2)

 

$

506

 

$

419

 

$

387

 

$

353

 

$

314

 

Portion of rent expense related to interest (33.33%)

 

53

 

47

 

43

 

34

 

20

 

Total Fixed Charges

 

$

559

 

$

466

 

$

430

 

$

387

 

$

334

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIO OF EARNINGS TO FIXED CHARGES (3)

 

2.74

x

4.19

x

4.34

x

3.95

x

4.05

x

 


(1)                                     For purposes of computing the ratio of earnings to fixed charges, “earnings” consists of pre-tax income from continuing operations before income from equity investees plus fixed charges (excluding capitalized interest), distributed income of equity investees and amortization of capitalized interest. “Fixed charges” represents interest incurred (whether expensed or capitalized), amortization of debt expense (including discounts and premiums relating to indebtedness) and the portion of rental expense on leases deemed to be the equivalent of interest.

 

(2)                                     Includes interest costs attributable to borrowings for hedged inventory purchases of $6 million, $12 million, $30 million, $12 million and $20 million for the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively.

 

(3)                                     Ratios may not recalculate due to rounding.