EXHIBIT 12.1
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
PREDECESSOR PLAINS ALL AMERICAN PIPELINE
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NOVEMBER 23,
YEAR ENDED JANUARY 1 TO 1998 TO YEAR ENDED SIX MONTHS
DECEMBER 31, NOVEMBER 22, DECEMBER 31, DECEMBER 31, ENDED JUNE 30,
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1996 1997 1998 1998 1999 2000 2001
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EARNINGS
Income from Continuing
Operations 1,948 3,408 6,888 1,777 (101,815) 92,649 19,574
Fixed Charges 3,659 4,635 11,949 1,496 25,974 33,283 17,259
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Total Earnings 5,607 8,043 18,837 3,273 (75,841) 125,932 36,833
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FIXED CHARGES
Interest Expense 3,559 4,516 11,260 1,371 21,139 28,691 14,707
Amortization of Debt Expense - - 568 114 2,201 2,051 1,283
Rental Interest Factor 100 119 121 11 2,634 2,541 1,269
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Total Fixed Charges 3,659 4,635 11,949 1,496 25,974 33,283 17,259
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RATIO: EARNINGS/FIXED
CHARGES (1) 1.53x 1.74x 1.58x 2.19x - 3.78x 2.13x
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FOOTNOTE:
(1) In 1999, available earnings failed to cover fixed charges by $101.8 million.
Included in the earnings for 1999 was $166.4 million in unauthorized trading
losses, a $16.5 million gain on the sale of linefill and restructuring expenses
of $1.4 million. Income from continuing operations before extraordinary items
used to calculate the ratio of earnings to fixed charges for the year ended
December 31, 2000 includes a gain on sale of assets of $48.2 million.