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

file	filename
EX-32.2 - EXHIBIT 32.2 - Energy Transfer Operating, L.P.	etp06-30x2018ex322.htm
EX-32.1 - EXHIBIT 32.1 - Energy Transfer Operating, L.P.	etp06-30x2018ex321.htm
EX-31.2 - EXHIBIT 31.2 - Energy Transfer Operating, L.P.	etp06-30x2018ex312.htm
EX-31.1 - EXHIBIT 31.1 - Energy Transfer Operating, L.P.	etp06-30x2018ex311.htm
EX-10.3 - EXHIBIT 10.3 - Energy Transfer Operating, L.P.	etp06-30x2018ex103.htm
10-Q - 10-Q - Energy Transfer Operating, L.P.	etp06-30x201810xq.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)



	Six Months Ended June 30, 2018
	Energy Transfer Partners, L.P. (consolidated)			Sunoco Logistics Partners Operations L.P.
Fixed Charges:
Interest expense, net	$	704		$	81
Capitalized interest	160			106
Interest charges included in rental expense	4			2
Total fixed charges	868			189
Series A, B and C preferred unit distributions	54			—
Total fixed charges and preferred unit distributions	922			189

Earnings:
Income before income tax expense	1,510			278
Less: equity in earnings of unconsolidated affiliates	34			91
Total earnings	1,476			187
Add:
Fixed charges	868			189
Amortization of capitalized interest	11			2
Distributed income of equity investees	215			79
Less:
Interest capitalized	(160		)	(106		)
Income available for fixed charges	$	2,410		$	351

Ratio of earnings to fixed charges	2.78			1.86

Ratio of earnings to fixed charges and preferred unit distributions	2.61			1.86

Energy Transfer Operating, L.P. - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - August 9, 2018