Kinder Morgan (KMI) 10-Q 2015 Q2 Quarterly report

Exhibit 12.1

KINDER MORGAN, INC. AND SUBSIDIARIES

EXHIBIT 12.1 - STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Dollars in millions, except ratio amounts)

	Six Months Ended June 30,
	2015			2014(a)
Earnings:
Pre-tax income before adjustment for net income attributable to the noncontrolling interests and earnings from equity investments (including loss on impairments of equity investments and amortization of excess cost of equity investments) per statements of income	$	1,010		$	1,298
Add:
Fixed charges	1,041			955
Amortization of capitalized interest	4			3
Distributions from equity investment earnings	187			184
Less:
Interest capitalized	(31		)	(38		)
Noncontrolling interest in pre-tax income of subsidiaries with no fixed charges	—			(121		)
Income as adjusted	$	2,211		$	2,281
Fixed charges:
Interest and debt expense, net per statements of income (includes amortization of debt discount, premium, and debt issuance costs; excludes capitalized interest)	$	1,017		$	933
Add:
Portion of rents representative of the interest factor	24			22
Fixed charges	$	1,041		$	955
Ratio of earnings to fixed charges	2.12			2.39

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(a) Revised for immaterial correction.