EX-12 2 mlp-20171231_10xkxex12.htm EXHIBIT 12 Exhibit


Exhibit 12



PHILLIPS 66 PARTNERS LP

Computation of Ratio of Earnings to Fixed Charges

 
Millions of Dollars
 
Year Ended December 31
 
2017

 
2016

 
2015

 
2014

 
2013

Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
Income before income taxes
$
528

 
410

 
306

 
246

 
176

Adjustment to equity earnings for cash distributions received
(1
)
 
1

 
—

 
—

 
—

Fixed charges, excluding capitalized interest
102

 
53

 
35

 
5

 
—

Amortization of capitalized interest
2

 
2

 
—

 
—

 
—

 
$
631

 
466

 
341

 
251

 
176

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest and expense on indebtedness, excluding capitalized interest
$
101

 
52

 
34

 
5

 
—

Capitalized interest
1

 
5

 
32

 
7

 
—

Interest portion of rental expense
1

 
1

 
1

 
—

 
—

 
$
103

 
58

 
67

 
12

 
—

Ratio of Earnings to Fixed Charges
6.1

 
8.0

 
5.1

 
20.9

 
N/A