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New words:
accelerated, anniversary, arithmetic, Bakken, Beaumont, BPD, cavern, coke, coker, conversion, delayed, equal, feedstock, Harvey, heavy, Hurricane, identification, ii, loan, manner, Merey, modification, MSLP, notice, obligor, Pasadena, Patoka, perpetual, population, preceding, private, privately, prorated, quotient, rank, receipt, residue, restated, revocation, semiannually, software, sour, tolling, unpaid, vacuum
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Exhibit 12
PHILLIPS 66 PARTNERS LP
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars | ||||||||||||||||||
Nine Months Ended September 30 | ||||||||||||||||||
Years Ended December 31 | ||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||
Earnings Available for Fixed Charges | ||||||||||||||||||
Income before income taxes | $ | 300 | 410 | 306 | 246 | 176 | 123 | |||||||||||
Adjustment to equity earnings for cash distributions received | 2 | 1 | — | — | — | — | ||||||||||||
Fixed charges, excluding capitalized interest | 73 | 53 | 35 | 5 | — | — | ||||||||||||
Amortization of capitalized interest | 1 | 2 | — | — | — | — | ||||||||||||
$ | 376 | 466 | 341 | 251 | 176 | 123 | ||||||||||||
Fixed Charges | ||||||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | $ | 71 | 52 | 34 | 5 | — | — | |||||||||||
Capitalized interest | — | 5 | 32 | 7 | — | — | ||||||||||||
Interest portion of rental expense | 2 | 1 | 1 | — | — | — | ||||||||||||
$ | 73 | 58 | 67 | 12 | — | — | ||||||||||||
Ratio of Earnings to Fixed Charges | 5.2 | 8.0 | 5.1 | 20.9 | N/A | N/A |