Magellan Midstream Partners (MMP) 10-Q 2007 Q2 Quarterly report

Exhibit 12.1

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

	Twelve Months Ended December 31,															Six Months Ended June 30, 2007
	2002			2003			2004			2005			2006
EARNINGS:
Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle*	$	107,495		$	88,169		$	108,601		$	156,379		$	189,404		$	110,809
Fixed charges		33,344			39,779			41,657			56,656			60,599			31,978
Amortization of capitalized interest		471			462			463			465			475			262
Distributed income of equity investees		—			—			—			3,300			4,125			2,325
Capitalized interest		(231	)		(102	)		(426	)		(817	)		(2,371	)		(2,102	)
Total earnings	$	141,079		$	128,308		$	150,295		$	215,983		$	252,232		$	143,272
FIXED CHARGES:
Interest expense	$	22,907		$	36,597		$	37,893		$	52,554		$	55,107		$	27,837
Capitalized interest		231			102			426			817			2,371			2,102
Debt expense amortization		9,950			2,830			3,056			2,871			2,681			1,799
Rent expense representative of interest factor		256			250			282			414			440			240
Total fixed charges	$	33,344		$	39,779		$	41,657		$	56,656		$	60,599		$	31,978
Ratio of earnings to fixed charges		4.2			3.2			3.6			3.8			4.2			4.5

* Excludes income from equity investments and minority interest expense.