Exhibit 12.1
Breitburn Energy Partners LP
Computation of Ratio of Earnings to Fixed Charges
(In thousands)
Six Months | ||||||||||||||||||||||||
Year Ended December 31, | Ended | |||||||||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | June 30, 2014 | |||||||||||||||||||
Earnings Available for Fixed Charges | ||||||||||||||||||||||||
Pre-tax income (loss) before income from equity investees | $ | (108,940 | ) | $ | 33,847 | $ | 111,050 | $ | (41,409 | ) | $ | (43,287 | ) | $ | (114,823 | ) | ||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 32,966 | 36,855 | 43,538 | 67,990 | 88,766 | 61,968 | ||||||||||||||||||
Amortization of capitalized interest | — | 39 | 24 | 27 | 52 | 31 | ||||||||||||||||||
Distributed income of equity investments | 1,424 | 1,181 | 841 | 1,179 | 466 | 89 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Capitalized interest | — | 270 | 77 | 54 | 128 | 117 | ||||||||||||||||||
Preferred unit distributions | — | — | — | — | — | — | ||||||||||||||||||
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Total earnings available for fixed charges | $ | (74,550 | ) | $ | 71,651 | $ | 155,376 | $ | 27,732 | $ | 45,869 | $ | (52,852 | ) | ||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest and other financing costs (a) | $ | 31,942 | $ | 35,909 | $ | 42,499 | $ | 66,729 | $ | 87,195 | $ | 60,983 | ||||||||||||
Estimated interest within rental expense | 1,024 | 946 | 1,039 | 1,261 | 1,571 | 985 | ||||||||||||||||||
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Total fixed charges | $ | 32,966 | $ | 36,855 | $ | 43,538 | $ | 67,990 | $ | 88,766 | $ | 61,968 | ||||||||||||
Ratio of Earnings to Fixed Charges | — | 1.9x | 3.6x | — | — | — | ||||||||||||||||||
Insufficient Coverage | $ | (107,516 | ) | — | — | $ | (40,257 | ) | $ | (42,897 | ) | $ | (114,820 | ) |
(a) | Reflects interest costs before capitalization of interest and includes settlements paid on interest rate swaps. |