Energy Transfer 10-K 2015 FY Annual report

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)

In April 2015, a wholly-owned subsidiary of the Partnership merged with Regency, with Regency surviving as a wholly-owned subsidiary of the Partnership (the “Regency Merger”). The Regency Merger was a combination of entities under common control; therefore, Regency’s assets and liabilities were not adjusted. The Partnership’s consolidated financial statements have been retrospectively adjusted to reflect consolidation of Regency for all prior periods subsequent to May 26, 2010 (the date ETE acquired Regency’s general partner).

	Years Ended December 31,
	2015			2014			2013			2012			2011
Fixed Charges:
Interest expense, net	$	1,291		$	1,165		$	1,013		$	788		$	578
Capitalized interest	163			101			45			101			14
Interest charges included in rental expense	19			17			16			6			3
Distribution to the Series A Convertible Redeemable Preferred Units	3			3			6			8			8
Accretion of the Series A Convertible Redeemable Preferred Units	—			—			—			1			—
Total fixed charges	1,476			1,286			1,080			904			603
Earnings:
Income from continuing operations before income tax expense and noncontrolling interest	1,398			1,593			810			1,817			759
Less: equity in earnings of unconsolidated affiliates	469			332			236			212			117
Total earnings	929			1,261			574			1,605			642
Add:
Fixed charges	1,476			1,286			1,080			904			603
Amortization of capitalized interest	11			8			6			5			4
Distributed income of equity investees	440			291			313			208			117
Less:
Interest capitalized	(163		)	(101		)	(45		)	(101		)	(14		)
Income available for fixed charges	$	2,693		$	2,745		$	1,928		$	2,621		$	1,352
Ratio of earnings to fixed charges	1.82			2.13			1.79			2.90			2.24