Spectra Energy Partners 10-K 2015 FY Annual report

EXHIBIT 12.1

SPECTRA ENERGY PARTNERS, LP

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

The ratio of earnings to fixed charges is calculated using the Securities and Exchange Commission guidelines.

	Year Ended December 31,
	2015		2014		2013		2012		2011
			(in millions)
Earnings as defined for fixed charges calculation
Add:
Pretax income from continuing operations (a)	$	1,110	$	929	$	649	$	519	$	500
Fixed charges	265		253		389		414		415
Distributed income of equity investees	160		131		97		90		88
Deduct:
Interest capitalized (b)	19		9		38		19		8
Total earnings (as defined for the Fixed Charges calculation)	$	1,516	$	1,304	$	1,097	$	1,004	$	995
Fixed charges:
Interest on debt, including capitalized portions	$	258	$	247	$	383	$	407	$	408
Estimate of interest within rental expense	7		6		6		7		7
Total fixed charges	$	265	$	253	$	389	$	414	$	415
Ratio of earnings to fixed charges	5.7		5.2		2.8		2.4		2.4

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(a) Excludes noncontrolling interests and earnings or loss from equity investments.

(b) Excludes equity costs related to allowance for funds used during construction that are included in Other Income and Expenses, Net in the Consolidated Statements of Operations.