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Exhibit 12
PHILLIPS 66 PARTNERS LP
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars | ||||||||||||||||||
Three Months Ended March 31 | ||||||||||||||||||
Years Ended December 31 | ||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||
Earnings Available for Fixed Charges | ||||||||||||||||||
Income before income taxes | $ | 97 | 410 | 306 | 246 | 176 | 123 | |||||||||||
Undistributed equity earnings* | (4 | ) | 1 | — | — | — | — | |||||||||||
Fixed charges, excluding capitalized interest | 24 | 53 | 35 | 5 | — | — | ||||||||||||
Amortization of capitalized interest | — | 2 | — | — | — | — | ||||||||||||
$ | 117 | 466 | 341 | 251 | 176 | 123 | ||||||||||||
Fixed Charges | ||||||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | $ | 24 | 52 | 34 | 5 | — | — | |||||||||||
Capitalized interest | — | 5 | 32 | 7 | — | — | ||||||||||||
Interest portion of rental expense | — | 1 | 1 | — | — | — | ||||||||||||
$ | 24 | 58 | 67 | 12 | — | — | ||||||||||||
Ratio of Earnings to Fixed Charges | 4.9 | 8.0 | 5.1 | 20.9 | N/A | N/A |
*Includes unfunded equity losses.