EXHIBIT 12.A
GULFTERRA 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>
THREE
MONTHS
ENDED FOR THE YEAR ENDED
MARCH 31, DECEMBER 31,
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2003 2002 2001 2000 1999 1998
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Earnings
Pre-tax income (loss) from
continuing operations .............. $ 40,525 $ 92,552 $ 54,052 $ 20,749 $ 18,382 $ 275
Minority interest in pre-tax
income of subsidiaries that
have not incurred fixed charges .... 33 (60) 100 95 197 15
Income from equity investees .......... (3,316) (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 ....... 37,242 78,853 45,703 (2,087) (14,235) (26,434)
Fixed charges ......................... 40,942 91,153 54,924 51,077 37,336 21,330
Distributed income of equity
investees .......................... 4,710 17,804 35,062 33,960 46,180 31,171
Capitalized interest .................. (1,878) (5,571) (11,755) (4,005) (1,799) (1,066)
Minority interest in pre-tax
income of subsidiaries that
have not incurred fixed charges .... (33) 60 (100) (95) (197) (15)
------------ ------------ ------------ ------------ ------------ -----------
Total earnings available for
fixed charges ................... $ 80,983 $ 182,299 $ 123,834 $ 78,850 $ 67,285 $ 24,986
============ ============ ============ ============ ============ ===========
Fixed charges
Interest and debt expense ............. $ 40,126 $ 89,065 $ 54,885 $ 51,077 $ 37,122 $ 21,308
Interest component of rent ............ 816 2,088 39 -- 17 7
------------ ------------ ------------ ------------ ------------ -----------
Total fixed charges ................ $ 40,942 $ 91,153 $ 54,924 $ 51,077 $ 37,139 $ 21,315
============ ============ ============ ============ ============ ===========
Ratio of earnings to fixed charges(1) ... 1.98 2.00 2.25 1.54 1.81 1.17
============ ============ ============ ============ ============ ===========
</Table>
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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 we have no outstanding preferred stock or
preference stock with dividend requirements 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.