EXHIBIT 12.1
EL PASO ENERGY PARTNERS, L.P.
COMPUTATION OF EARNINGS TO FIXED CHARGES AND
RATIO OF EARNINGS TO COMBINED FIXED CHARGES AND
PREFERRED AND PREFERENCE STOCK DIVIDEND REQUIREMENTS
(DOLLARS IN THOUSANDS)
<Table>
<Caption>
FOR THE THREE
MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31,
MARCH 31, --------------------------------------------------
2002 2001 2000 1999 1998 1997
--------- ------- -------- ------- -------- --------
Earnings
Pre-tax income (loss) from
continuing operations $14,741 $ 54,052 $ 20,749 $18,382 $ 275 $ (1,449)
Minority interest in consolidated
subsidiaries 0 100 95 197 15 (7)
Income from equity investees (3,361) (8,449) (22,931) (32,814) (26,724) (29,327)
------- ------- -------- ------- -------- --------
Pre-tax income (loss) from
continuing operations before
minority interest in
consolidated subsidiaries and
income from equity investees 11,380 45,703 (2,087) (14,235) (26,434) (30,783)
Fixed charges 14,317 54,924 51,077 37,336 21,330 15,883
Distributed income of equity
investees 4,500 35,062 33,960 46,180 31,171 27,135
Capitalized interest (1,614) (11,755) (4,005) (1,799) (1,066) (1,721)
Minority interest in consolidated
subsidiaries 0 (100) (95) (197) (15) 7
------- -------- -------- ------- -------- --------
Total earnings available for
fixed charges $28,583 $123,834 $ 78,850 $67,285 $ 24,986 $ 10,521
======= ======== ======== ======= ======== ========
Fixed charges
Interest and debt expense $14,262 $ 54,885 $ 51,077 $37,122 $ 21,308 $ 15,890
Interest component of rent 55 39 0 17 7 --
------- -------- -------- ------- -------- --------
Total fixed charges $14,317 $ 54,924 $ 51,077 $37,139 $ 21,315 $ 15,890
======= ======== ======== ======= ======== ========
Ratio of earnings to fixed
charges(1) 2.00 2.25 1.54 1.81 1.17 --(2)
======= ======== ======== ======= ======== ========
</Table>
(1) The ratio of earnings to combined fixed charges and preferred and preference
stock dividend requirements for the periods presented is the same as the
ratio of earnings to fixed charges since El Paso has no outstanding
preferred stock or preference stock and, therefore, no dividend
requirements.
(2) Earnings were inadequate to cover fixed charges by $5,362 for 1997.
For purposes of calculating these ratios: (i) "fixed charges" represent interest
cost (exclusive of interest on rate refunds), amortization of debt costs, the
estimated portion of rental expense representing the interest factor and pretax
preferred stock dividend requirements of consolidated subsidiaries; and (ii)
"earnings" represent the aggregate of pre-tax income (loss) from continuing
operations before adjustment for minority interest in consolidated subsidiaries
and income from equity investees, fixed charges, and distributed income of
equity investees, less capitalized interest, minority interest in consolidated
subsidiaries, and preferred stock dividend requirement of consolidated
subsidiaries.