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Exhibit 12.1

ENERGY TRANSFER PARTNERS, L.P. AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except for ratio amounts)

(Unaudited)

In April 2015, a wholly-owned subsidiary of the Partnership merged with Regency, with Regency surviving as a wholly-owned subsidiary of the Partnership (the “Regency Merger”). The Regency Merger was a combination of entities under common control; therefore, Regency’s assets and liabilities were not adjusted. The Partnership’s consolidated financial statements have been retrospectively adjusted to reflect consolidation of Regency for all prior periods subsequent to May 26, 2010 (the date ETE acquired Regency’s general partner).

	Years Ended December 31,
	2015				2014				2013				2012				2011
Fixed Charges:
Interest expense, net	$	1,291			$	1,165			$	1,013			$	788			$	578
Capitalized interest	163				101				45				101				14
Interest charges included in rental expense	19				17				16				6				3
Distribution to the Series A Convertible Redeemable Preferred Units	3				3				6				8				8
Accretion of the Series A Convertible Redeemable Preferred Units	—				—				—				1				—
Total fixed charges	1,476				1,286				1,080				904				603
Earnings:
Income from continuing operations before income tax expense and noncontrolling interest	1,398				1,593				810				1,817				759
Less: equity in earnings of unconsolidated affiliates	469				332				236				212				117
Total earnings	929				1,261				574				1,605				642
Add:
Fixed charges	1,476				1,286				1,080				904				603
Amortization of capitalized interest	11				8				6				5				4
Distributed income of equity investees	440				291				313				208				117
Less:
Interest capitalized	(163		)		(101		)		(45		)		(101		)		(14		)
Income available for fixed charges	$	2,693			$	2,745			$	1,928			$	2,621			$	1,352
Ratio of earnings to fixed charges	1.82				2.13				1.79				2.90				2.24