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Exhibit 12
PHILLIPS 66 PARTNERS LP
Computation of Ratio of Earnings to Fixed Charges
| Millions of Dollars | |||||||||||||||
| Year Ended December 31 | |||||||||||||||
| 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||
| Earnings Available for Fixed Charges | |||||||||||||||
| Income before income tax | $ | 194.5 | 125.2 | 97.2 | 59.4 | 63.5 | |||||||||
| Undistributed equity earnings | (0.1 | ) | — | — | — | — | |||||||||
| Fixed charges, excluding capitalized interest | 34.5 | 5.3 | 0.3 | — | — | ||||||||||
| $ | 228.9 | 130.5 | 97.5 | 59.4 | 63.5 | ||||||||||
| Fixed Charges | |||||||||||||||
| Interest and expense on indebtedness, excluding capitalized interest | $ | 33.9 | 5.3 | 0.3 | — | — | |||||||||
| Capitalized interest | 4.2 | — | — | — | — | ||||||||||
| Interest portion of rental expense | 0.6 | — | — | — | — | ||||||||||
| $ | 38.7 | 5.3 | 0.3 | — | — | ||||||||||
| Ratio of Earnings to Fixed Charges | 5.9 | 24.6 | 325.0 | N/A | N/A | ||||||||||