Exhibit 12.1
Breitburn Energy Partners LP
Computation of Ratio of Earnings to Fixed Charges
(In thousands)
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
Earnings Available for Fixed Charges | ||||||||||||||||||||
Net (loss) income attributable to the partnership | $ | (814,339 | ) | $ | (2,583,339 | ) | $ | 421,333 | $ | (43,671 | ) | $ | (40,801 | ) | ||||||
Add: income tax (benefit) expense | (1,835 | ) | 1,527 | (73 | ) | 905 | 84 | |||||||||||||
Less: income from equity investments | 538 | 679 | (31 | ) | 521 | 692 | ||||||||||||||
Pre-tax (loss) income before non-controlling interests and income from equity investees | (816,712 | ) | (2,582,491 | ) | 421,291 | (43,287 | ) | (41,409 | ) | |||||||||||
Add: | ||||||||||||||||||||
Fixed charges | 156,661 | 213,106 | 130,275 | 88,766 | 67,990 | |||||||||||||||
Amortization of capitalized interest | 183 | 274 | 69 | 52 | 27 | |||||||||||||||
Distributed income of equity investments | — | (576 | ) | 209 | 466 | 1,179 | ||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | 149 | 155 | 326 | 128 | 54 | |||||||||||||||
Preferred unit distributions | 5,500 | 16,500 | 9,350 | — | — | |||||||||||||||
Total earnings available for fixed charges | $ | (665,517 | ) | $ | (2,386,342 | ) | $ | 542,168 | $ | 45,869 | $ | 27,733 | ||||||||
Fixed Charges | ||||||||||||||||||||
Interest and other financing costs (a) | $ | 154,509 | $ | 208,933 | $ | 128,305 | $ | 87,195 | $ | 66,729 | ||||||||||
Estimated interest within rental expense | 2,152 | 4,173 | 1,970 | 1,571 | 1,261 | |||||||||||||||
Total fixed charges | $ | 156,661 | $ | 213,106 | $ | 130,275 | $ | 88,766 | $ | 67,990 | ||||||||||
Preferred Unit Distributions | 5,500 | 16,500 | 9,350 | — | — | |||||||||||||||
Total Fixed Charges and Preferred Unit Distributions | $ | 162,161 | $ | 229,606 | $ | 139,625 | $ | 88,766 | $ | 67,990 | ||||||||||
Ratio of Earnings to Fixed Charges | — | — | 4.2 | x | — | — | ||||||||||||||
Insufficient Coverage | $ | (822,178 | ) | $ | (2,599,448 | ) | $ | — | $ | (42,897 | ) | $ | (40,257 | ) | ||||||
Ratio of Earnings to Fixed Charges and Preferred Unit Distribution | — | — | 3.9 | x | — | — | ||||||||||||||
Insufficient Coverage | $ | (827,678 | ) | $ | (2,615,948 | ) | $ | — | $ | (42,897 | ) | $ | (40,257 | ) | ||||||
(a) Includes capitalized interest and settlements paid on interest rate swaps. |