Exhibit 12.A
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)
FOR THE YEAR ENDED DECEMBER 31,
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2002 2001 2000 1999 1998
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Earnings
Pre-tax income (loss) from continuing
operations.......................... $ 92,552 $ 54,052 $ 20,749 $ 18,382 $ 275
Minority interest in pre-tax income
of subsidiaries that have not
incurred fixed charges ............. (60) 100 95 197 15
Income from equity investees........... (13,639) (8,449) (22,931) (32,814) (26,724)
-------- -------- -------- -------- --------
Pre-tax income (loss) from continuing
operations before minority interest
in consolidated subsidiaries and
income from equity investees........ 78,853 45,703 (2,087) (14,235) (26,434)
Fixed charges.......................... 91,153 54,924 51,077 37,336 21,330
Distributed income of equity
investees........................... 17,804 35,062 33,960 46,180 31,171
Capitalized interest................... (5,571) (11,755) (4,005) (1,799) (1,066)
Minority interest in pre-tax income of
subsidiaries that have not incurred
fixed charges....................... 60 (100) (95) (197) (15)
-------- -------- -------- -------- --------
Total earnings available for fixed
charges.......................... $182,299 $123,834 $ 78,850 $ 67,285 $ 24,986
======== ======== ======== ======== ========
Fixed charges
Interest and debt expense.............. $ 89,065 $ 54,885 $ 51,077 $ 37,122 $ 21,308
Interest component of rent............. 2,088 39 -- 17 7
-------- -------- -------- -------- --------
Total fixed charges................. $ 91,153 $ 54,924 $ 51,077 $ 37,139 $ 21,315
======== ======== ======== ======== ========
Ratio of earnings to fixed charges(1)..... 2.00 2.25 1.54 1.81 1.17
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(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.
For purposes of calculating these ratios: (i) "fixed charges" represent interest
expensed and capitalized, including amortized premiums, discounts and
capitalized expenses related to indebtedness; and an estimate of the interest
within rental expenses and (ii) "earnings" represent the aggregate of pre-tax
income (loss) from continuing operations before adjustment for minority
interests in consolidated subsidiaries or income (loss) from equity investees,
fixed charges, and distributed income of equity investees, less capitalized
interest and less minority interest in pretax income of subsidiaries that have
not incurred fixed charges.