Energy Transfer Operating, L.P. - FORM 10-Q - EX-12.1 - EXHIBIT 12.1

file	filename
EX-99.1 - EXHIBIT 99.1 - Energy Transfer Operating, L.P.	etp03-31x2018ex991.htm
EX-32.2 - EXHIBIT 32.2 - Energy Transfer Operating, L.P.	etp03-31x2018ex322.htm
EX-32.1 - EXHIBIT 32.1 - Energy Transfer Operating, L.P.	etp03-31x2018ex321.htm
EX-31.2 - EXHIBIT 31.2 - Energy Transfer Operating, L.P.	etp03-31x2018ex312.htm
EX-31.1 - EXHIBIT 31.1 - Energy Transfer Operating, L.P.	etp03-31x2018ex311.htm
EX-8.1 - EXHIBIT 8.1 - Energy Transfer Operating, L.P.	etp03-31x2018ex81.htm
10-Q - 10-Q - Energy Transfer Operating, L.P.	etp03-31x201810xq.htm

Exhibit 12.1

ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except for ratio amounts)

(Unaudited)



	Three Months Ended March 31, 2018
	Energy Transfer Partners, L.P. (consolidated)			Sunoco Logistics Partners Operations L.P.
Fixed Charges:
Interest expense, net	$	346		$	40
Capitalized interest	80			54
Interest charges included in rental expense	3			2
Total fixed charges	429			96
Series A and B preferred unit distributions	24			—
Total fixed charges and preferred unit distributions	453			96

Earnings:
Income before income tax expense (benefit)	839			235
Less: equity in earnings (losses) of unconsolidated affiliates	(72		)	48
Total earnings	911			187
Add:
Fixed charges	429			96
Amortization of capitalized interest	5			1
Distributed income of equity investees	106			38
Less:
Interest capitalized	(80		)	(54		)
Income available for fixed charges	$	1,371		$	268

Ratio of earnings to fixed charges	3.20			2.79

Ratio of earnings to fixed charges and preferred unit distributions	3.03			2.79

Energy Transfer Operating, L.P. - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - May 10, 2018