Exhibit 12.1
BreitBurn Energy Partners L.P.
Computation of Ratio of Earnings
to Fixed Charges
(In thousands)
Computation of Ratio of Earnings
to Fixed Charges
(In thousands)
Predecessor | Successor | |||||||||||||||||||||||||||
BreitBurn Energy | ||||||||||||||||||||||||||||
Company L.P. | BreitBurn Energy Partners L.P. | |||||||||||||||||||||||||||
Year Ended | January 1 to | October 10 to | Year Ended | Nine Months Ended | ||||||||||||||||||||||||
December 31, | October 9, | December 31, | Year Ended December 31, | December 31, | September 30, | |||||||||||||||||||||||
2005 | 2006 | 2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||||||||
Net income (loss) | 39,007 | 48,048 | 1,871 | (60,357 | ) | 378,236 | (127,285 | ) | 90,565 | |||||||||||||||||||
Income tax expense (benefit) | — | 90 | (40 | ) | (1,229 | ) | 1,939 | (1,528 | ) | 235 | ||||||||||||||||||
Total earnings | 39,007 | 48,138 | 1,831 | (61,586 | ) | 380,175 | (128,813 | ) | 90,800 | |||||||||||||||||||
Interest and other financing costs, net (a) | 1,731 | 2,751 | 105 | 6,391 | 30,107 | 39,846 | 29,561 | |||||||||||||||||||||
Realized losses on interest rate swaps (b) | — | — | — | — | 2,916 | 13,115 | 8,761 | |||||||||||||||||||||
Total fixed charges | 1,731 | 2,751 | 105 | 6,391 | 33,023 | 52,961 | 38,322 | |||||||||||||||||||||
Ratio of earnings to fixed charges | 22.5x | 17.5x | 17.4x | (c | ) | 11.5x | (d | ) | 2.4x |
(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 $181.8 million for the year ended December 31, 2009. |