Exhibit 12.1
Breitburn Energy Partners LP
Computation of Ratio of Earnings to Fixed Charges
(In thousands)
| Three Months Ended March 31, 2015 | Year Ended December 31, | |||||||||||||||||||||||
| 2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||
Earnings Available for Fixed Charges | ||||||||||||||||||||||||
Net income (loss) attributable to the partnership | $ | (58,825 | ) | $ | 421,333 | $ | (43,671 | ) | $ | (40,801 | ) | $ | 110,497 | $ | 34,751 | |||||||||
Add: income tax expense (benefit) | 92 | (73 | ) | 905 | 84 | 1,188 | (204 | ) | ||||||||||||||||
Less: income (loss) from equity investments | 175 | (31 | ) | 521 | 692 | 635 | 700 | |||||||||||||||||
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Pre-tax income (loss) before non-controlling interests and income from equity investees | $ | (58,908 | ) | $ | 421,291 | $ | (43,287 | ) | $ | (41,409 | ) | $ | 111,050 | $ | 33,847 | |||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 42,161 | 130,275 | 88,766 | 67,990 | 43,538 | 36,855 | ||||||||||||||||||
Amortization of capitalized interest | 17 | 69 | 52 | 27 | 24 | 39 | ||||||||||||||||||
Distributed income of equity investments | 500 | 209 | 466 | 1,179 | 841 | 1,181 | ||||||||||||||||||
Less: | ||||||||||||||||||||||||
Capitalized interest | — | 326 | 128 | 54 | 77 | 270 | ||||||||||||||||||
Preferred unit distributions | 4,125 | 9,350 | — | — | — | — | ||||||||||||||||||
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Total earnings available for fixed charges | $ | (20,355 | ) | $ | 542,168 | $ | 45,869 | $ | 27,732 | $ | 155,376 | $ | 71,651 | |||||||||||
Fixed Charges | ||||||||||||||||||||||||
Interest and other financing costs(a) | $ | 41,118 | $ | 128,305 | $ | 87,195 | $ | 66,729 | $ | 42,499 | $ | 35,909 | ||||||||||||
Estimated interest within rental expense | 1,043 | 1,970 | 1,571 | 1,261 | 1,039 | 946 | ||||||||||||||||||
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Total fixed charges | $ | 42,161 | $ | 130,275 | $ | 88,766 | $ | 67,990 | $ | 43,538 | $ | 36,855 | ||||||||||||
Preferred Unit Distributions | 4,125 | 9,350 | — | — | — | — | ||||||||||||||||||
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Total Fixed Charges and Preferred Unit Distributions | $ | 46,286 | $ | 139,625 | $ | 88,766 | $ | 67,990 | $ | 43,538 | $ | 36,855 | ||||||||||||
Ratio of Earnings to Fixed Charges | — | 4.2x | — | — | 3.6x | 1.9x | ||||||||||||||||||
Insufficient Coverage | $ | (62,516 | ) | $ | — | $ | (42,897 | ) | $ | (40,257 | ) | $ | — | $ | — | |||||||||
Ratio of Earnings to Fixed Charges and Preferred Unit Distribution | — | 3.9x | — | — | 3.6x | 1.9x | ||||||||||||||||||
Insufficient Coverage | $ | (66,641 | ) | $ | — | $ | (42,897 | ) | $ | (40,257 | ) | $ | — | $ | — | |||||||||
| (a) | Includes capitalized interest and settlements paid on interest rate swaps. |
