Exhibit 12.1
BreitBurn Energy Partners L.P.
Computation of Ratio of Earnings to Fixed Charges
(In thousands)
Year Ended December 31, | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
2007 | 2008 | 2009 | 2010 | 2011 | ||||||||||||||||||||
Net income (loss) | (60,357 | ) | 378,236 | (107,290 | ) | 34,751 | 110,497 | (30,467 | ) | |||||||||||||||
Income tax expense (benefit) | (1,229 | ) | 1,939 | (1,528 | ) | (204 | ) | 1,188 | (201 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total earnings | (61,586 | ) | 380,175 | (108,818 | ) | 34,547 | 111,685 | (30,668 | ) | |||||||||||||||
Interest and other financing costs, net (a) | 6,391 | 30,107 | 19,851 | 25,498 | 40,204 | 44,177 | ||||||||||||||||||
Realized losses on interest rate swaps (b) | — | 2,916 | 13,115 | 11,087 | 3,257 | 2,273 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total fixed charges | 6,391 | 33,023 | 32,966 | 36,585 | 43,461 | 46,450 | ||||||||||||||||||
Ratio of earnings to fixed charges | (c | ) | 11.5x | (d | ) | 0.9x | 2.6x | (e | ) |
(a) | Includes interest associated with operating leases. |
(b) | Excludes 2008 Lehman termination. |
(c) | Earnings were inadequate to cover fixed charges by $68.0 million for the year ended December 31, 2007. |
(d) | Earnings were inadequate to cover fixed charges by $141.8 million for the year ended December 31, 2009. |
(e) | Earnings were inadequate to cover fixed charges by $77.1 million for the nine months ended September 30, 2012. |