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 NINE MONTHS ENDED FOR THE YEAR ENDED DECEMBER 31, SEPTEMBER 30, ------------------------------------------------- 2002 2001 2000 1999 1998 1997 --------- ------- -------- ------- -------- -------- Earnings Pre-tax income (loss) from continuing operations $ 66,772 $ 54,052 $ 20,749 $18,382 $ 275 $ (1,449) Minority interest in consolidated subsidiaries 13 100 95 197 15 (7) Income from equity investees (10,541) (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 56,244 45,703 (2,087) (14,235) (26,434) (30,783) Fixed charges 61,051 54,924 51,077 37,336 21,330 15,883 Distributed income of equity investees 13,140 35,062 33,960 46,180 31,171 27,135 Capitalized interest (4,309) (11,755) (4,005) (1,799) (1,066) (1,721) Minority interest in consolidated subsidiaries (13) (100) (95) (197) (15) 7 -------- -------- -------- ------- -------- -------- Total earnings available for fixed charges $126,113 $123,834 $ 78,850 $67,285 $ 24,986 $ 10,521 ======== ======== ======== ======= ======== ======== Fixed charges Interest and debt expense $ 59,671 $ 54,885 $ 51,077 $37,122 $ 21,308 $ 15,890 Interest component of rent 1,380 39 0 17 7 -- -------- -------- -------- ------- -------- -------- Total fixed charges $ 61,051 $ 54,924 $ 51,077 $37,139 $ 21,315 $ 15,890 ======== ======== ======== ======= ======== ======== Ratio of earnings to fixed charges(1) 2.07 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.