Magellan Midstream Partners (MMP) 10-Q 2017 Q3 Quarterly report

Exhibit 12

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

	Year Ended December 31,															Year-to-Date Period Ending September 30, 2017
	2012			2013			2014			2015			2016
EARNINGS:
Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle*	$	435,331		$	580,575		$	824,745		$	754,975		$	727,293		$	556,141
Add: Fixed charges	120,321			133,511			146,835			160,044			195,581			155,821
Amortization of interest capitalized	755			816			900			993			1,862			1,737
Distributed income of equity investees	7,793			3,274			3,086			66,285			78,723			78,562
Less: Interest capitalized	(6,195		)	(14,339		)	(22,803		)	(14,442		)	(27,375		)	(10,804		)
Total earnings	$	558,005		$	703,837		$	952,763		$	967,855		$	976,084		$	781,457
FIXED CHARGES:
Interest expense	$	120,068		$	132,887		$	145,862		$	158,895		$	194,187		$	154,653
Rent expense representative of interest factor	253			624			973			1,149			1,394			1,168
Total fixed charges	$	120,321		$	133,511		$	146,835		$	160,044		$	195,581		$	155,821
Ratio of earnings to fixed charges	4.6			5.3			6.5			6.0			5.0			5.0

* Excludes income from equity investments.