Phillips 66 Partners (PSXP) 10-Q2017 Q2 Quarterly report

Filed: 1 Aug 17, 12:00am

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New words: blending, Clifton, cooperate, gasoline, injured, investigating, preferred, Reactivation, Ridge

Removed: converged, fourth, International, maintaining, quoted, recognizing, work

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Exhibit 12

PHILLIPS 66 PARTNERS LP

Computation of Ratio of Earnings to Fixed Charges



	Millions of Dollars
	Six Months Ended June 30
	Six Months Ended June 30		Years Ended December 31
	2017		2016	2015	2014	2013	2012
Earnings Available for Fixed Charges
Income before income taxes	$	201	410	306	246	176	123
Adjustment to equity earnings for cash distributions received	2		1	—	—	—	—
Fixed charges, excluding capitalized interest	50		53	35	5	—	—
Amortization of capitalized interest	1		2	—	—	—	—
	$	254	466	341	251	176	123

Fixed Charges
Interest and expense on indebtedness, excluding capitalized interest	$	48	52	34	5	—	—
Capitalized interest	—		5	32	7	—	—
Interest portion of rental expense	2		1	1	—	—	—
	$	50	58	67	12	—	—
Ratio of Earnings to Fixed Charges	5.1		8.0	5.1	20.9	N/A	N/A

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