Exhibit 12.1

MAGELLAN MIDSTREAM PARTNERS, L.P.

RATIO OF EARNINGS TO FIXED CHARGES

(In thousands)

 

     Twelve Months Ended December 31,  
     2001     2002     2003     2004     2005  

EARNINGS:

           

Income from continuing operations before income taxes, extraordinary gain (loss) and cumulative effect of change in accounting principle *

    $ 97,613     $ 107,495     $ 88,169     $ 108,601     $ 156,379  

Fixed charges

      15,755       33,344       39,779       41,657       56,656  

Amortization of capitalized interest

      465       471       462       463       465  

Distributed income of equity investees

      —         —         —         —         3,300  

Capitalized interest

      (764 )     (231 )     (102 )     (426 )     (817 )
                                        

Total earnings

    $ 113,069     $ 141,079     $ 128,308     $ 150,295     $ 215,983  
                                        

FIXED CHARGES:

           

Interest expense

    $ 14,606     $ 22,907     $ 36,597     $ 37,893     $ 52,554  

Capitalized interest

      764       231       102       426       817  

Debt expense amortization

      253       9,950       2,830       3,056       2,871  

Rent expense representative of interest factor

      132       256       250       282       414  
                                        

Total fixed charges

    $ 15,755     $ 33,344     $ 39,779     $ 41,657     $ 56,656  
                                        

Ratio of earnings to fixed charges

      7.2       4.2       3.2       3.6       3.8  
                                        

 

* Excludes equity investment income and minority interest expense.