Crestwood Equity Partners (CEQP) 10-K2016 FY Annual report

Filed: 27 Feb 17, 12:00am

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. sophomore Avg

New words: absorb, Aliso, API, appeal, appellate, arriving, ASU, backlog, Bahnhofstrasse, Baseball, beneficiary, Bipartisan, BlueStone, Boardwalk, booster, bought, Box, Buckeye, Canyon, Carlin, Carolina, CEGP, CenterPoint, choke, Cleveland, Club, Colonial, column, Con, Culberson, DAPL, DCP, developmental, diligently, discipline, disproportionate, dispute, dollar, downhole, downsizing, Dutch, EnLink, eroded, Exelon, extraordinary, gravity, Guaranty, Hazen, HLBV, Hypothetical, identification, imminent, inline, insight, Intermediate, Intersegment, invoke, irrespective, Justice, justification, lessen, levered, Loving, lump, Magellan, mandate, median, Midcoast, narrowed, NE, Nevada, nonqualified, NQDC, NuStar, ONEOK, OPEC, permissible, pig, plc, pneumatic, PO, pose, Presidential, reconsider, reconsideration, reconstructed, Regency, Registrar, resume, Royal, RP, Russia, sacrificing, sampling, sentence, Shell, Shoshoni, side, site, spanning, standalone, Stonecourt, Summit, SWEPI, Switzerland, Targa, tightening, timeframe, transformative, tubing, Turner, unlimited, unsafe, Utah, viable, VIE, Ward, warmer, wellbore, Zurich

Removed: Addendum, alloy, Anderson, Assignment, auto, Berman, billed, British, campbell, Chase, chemical, close, CMM, committed, confirming, consummated, contemporaneously, Conveyance, CPE, dekatherm, easily, Enserco, exercising, forma, heat, inclusive, indemnify, informed, installation, institutional, integral, Interbank, Intrepid, JPMorgan, Kayne, Koch, laboratory, LIBOR, lightened, London, Los, manifest, manufacturer, Mash, Mcf, merging, Neuberger, Obama, OZ, packaging, Parish, piping, pound, proceeding, Promissory, properly, pursuing, recast, reclassified, Refusal, reimburse, resolved, revocation, Richard, RKI, sourced, temperature, thermal, train, TRCC, Triten, underwriting, unvested, vegetation, virtue

Search this filing

Filing tables

Export all tables to Excel

Filing exhibits

Related press release

CEQP similar filings

Filing view

Default size S M L
Default font Times Arial

External links

Share this filing

Exhibit 12.2

CRESTWOOD MIDSTREAM PARTNERS LP

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except for ratio)



	For the Years Ended December 31,
	2016					2015					2014					2013					2012
Earnings:
Pre-tax (loss) income from continuing operations before adjustment for non-controlling interest and equity earnings (including amortization of excess cost of equity investment) per statements of income	$	(229.0	)			$	(1,410.6	)			$	15.6				$	(11.7	)			$	40.1
Add:
Fixed charges	134.3					145.5					132.8					80.5					38.4
Amortized capitalized interest	0.4					0.4					0.2					0.1					0.1
Distributed income of equity investees	39.0					—					—					—					—
Less:
Capitalized interest	(0.7		)			(2.5		)			(7.5		)			(3.4		)			(0.2		)
Non-controlling interest in pre-tax income of subsidiary with no fixed charges⁽¹⁾	(24.2		)			(23.1		)			(16.8		)			(4.9		)			—
Total earnings available for fixed charges	$	(80.2	)			$	(1,290.3	)			$	124.3				$	60.6				$	78.4

Fixed charges:
Interest and debt expense	125.8					133.0					118.9					75.1					36.0
Interest component of rent	8.5					12.5					13.9					5.4					2.4
Total fixed charges	$	134.3				$	145.5				$	132.8				$	80.5				$	38.4

Ratio of earnings to fixed charges⁽²⁾	—			⁽³	⁾	—			⁽³	⁾	—			⁽³	⁾	—			⁽³	⁾	2.0


(1)	Dividend requirement of preferred securities issued by our consolidated subsidiary was paid in units and therefore were not considered a fixed charge for purposes of this computation.

(2)

For purposes of computing the ratio of earnings to fixed charges, "earnings" consists of pretax income from continuing operations before adjustment for non-controlling interest and income from equity investee plus fixed charges (excluding capitalized interest) and amortized capitalized interest. "Fixed charges" represents interest incurred (whether expensed or capitalized), amortization of debt costs and that portion of rental expense on operating leases deemed to be the equivalent of interest.


(3)	Earnings for the years ended December 31, 2016, 2015, 2014 and 2013 were inadequate to cover fixed charges by approximately $214.5 million, $1,435.8 million, $8.5 million and $19.9 million.