EXHIBIT 12.1
Cheniere Energy Partners, L.P.
Computation of Ratio of Earnings to Fixed Charges
| Three months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| (Dollars in millions) | 2018 | 2017 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||
| Earnings: | (unaudited) | (audited) | ||||||||||||||||||||||||||
| Pre-tax income (loss) from continuing operations |
$ | 335 | $ | 47 | $ | 490 | $ | (171 | ) | $ | (319 | ) | $ | (410 | ) | $ | (240 | ) | ||||||||||
| Fixed charges |
233 | 212 | 906 | 845 | 711 | 583 | 414 | |||||||||||||||||||||
| Amortization of capitalized interest |
2 | 2 | 7 | 5 | 5 | 5 | 5 | |||||||||||||||||||||
| Interest capitalized |
(47 | ) | (81 | ) | (288 | ) | (484 | ) | (523 | ) | (403 | ) | (233 | ) | ||||||||||||||
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| Total earnings (loss) available for fixed charges |
$ | 523 | $ | 180 | $ | 1,116 | $ | 195 | $ | (126 | ) | $ | (225 | ) | $ | (54 | ) | |||||||||||
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| Fixed Charges |
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| Interest expense on indebtedness |
$ | 185 | $ | 130 | $ | 614 | $ | 357 | $ | 185 | $ | 177 | $ | 178 | ||||||||||||||
| Interest capitalized |
47 | 81 | 288 | 484 | 523 | 403 | 233 | |||||||||||||||||||||
| Interest expense on portion of rent |
1 | 1 | 4 | 4 | 3 | 3 | 3 | |||||||||||||||||||||
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| Total fixed charges |
$ | 233 | $ | 212 | $ | 906 | $ | 845 | $ | 711 | $ | 583 | $ | 414 | ||||||||||||||
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| Ratio of earnings to fixed charges (1) |
2.24 | — | 1.23 | — | — | — | — | |||||||||||||||||||||
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For purposes of computing these ratios:
| (1) | For the purposes of computing these ratios: (i) earnings means pre-tax income from continuing operations before fixed charges and amortization of capitalized interest less capitalized interest and (ii) fixed charges means the sum of interest expensed and capitalized plus the portion of rental expense which we believe represents an interest factor. For the years ended December 31, 2016, 2015, 2014 and 2013, earnings were not adequate to cover fixed charges by $650 million, $837 million, $808 million and $468 million, respectively. For the three months ended March 31, 2017, earnings were not adequate to cover fixed charges by $32 million. |