Phillips 66 Partners (PSXP) 10-Q 2016 Q2 Quarterly report

Exhibit 12

PHILLIPS 66 PARTNERS LP

Computation of Ratio of Earnings to Fixed Charges

	Millions of Dollars
	Six Months Ended
	June 30			Years Ended December 31
	2016			2015*		2014*	2013*	2012*	2011*
Earnings Available for Fixed Charges
Income before income taxes	$	138.5		189.5		135.6	95.8	68.1	63.7
Undistributed equity earnings	(1.1		)	(0.1	)	—	—	—	—
Fixed charges, excluding capitalized interest**	21.7			34.5		5.3	0.3	—	—
	$	159.1		223.9		140.9	96.1	68.1	63.7
Fixed Charges
Interest and expense on indebtedness, excluding capitalized interest	$	20.9		33.9		5.3	0.3	—	—
Capitalized interest	2.7			31.6		6.9	—	—	—
Interest portion of rental expense	0.3			0.6		—	—	—	—
	$	23.9		66.1		12.2	0.3	—	—
Ratio of Earnings to Fixed Charges	6.7			3.4		11.5	320.3	N/A	N/A

*Prior-period financial information has been retrospectively adjusted for the acquisitions of businesses under common control.

**Includes amortization of capitalized interest of approximately $0.5 million for the six months ended June 30, 2016.