Energy Transfer (ET) 8-K 2016 FY Management’s Discussion and Analysis of Financial Condition and Results of Operations

Exhibit 99.2

ENERGY TRANSFER EQUITY, L.P.

Computation of Ratio of Earnings to Fixed Charges

(in millions, except for ratio amounts)

(Unaudited)

	Years Ended December 31,
	2016			2015			2014			2013			2012
Fixed charges:
Interest expense	$	1,803		$	1,621		$	1,368		$	1,221		$	1,018
Capitalized interest	200			163			101			45			101
Interest expense included in rental expense	14			22			10			16			6
Distribution to the Series A Convertible Redeemable Preferred Units	—			3			3			6			—
Accretion of the Series A Convertible Redeemable Preferred Units	—			—			—			—			1
Total fixed charges	2,017			1,809			1,482			1,288			1,126
Earnings:
Income from continuing operations before income taxes	272			864			1,319			375			1,437
Less: equity in earnings of affiliates	(39		)	276			332			236			212
Total earnings	311			588			987			139			1,225
Add:
Fixed charges	2,017			1,809			1,482			1,288			1,126
Amortization of capitalized interest	17			11			8			7			5
Distributed income of equity investees	268			409			291			236			208
Less:
Interest capitalized	(200		)	(163		)	(101		)	(45		)	(101		)
Income available for fixed charges	$	2,413		$	2,654		$	2,667		$	1,625		$	2,463
Ratio of earnings to fixed charges	1.20			1.47			1.80			1.26			2.19