EXHIBIT 12
Murphy Oil Corporation and Consolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges (unaudited)
(Thousands of dollars)
		Years Ended December 31,
		2014	2013	2012	2011		2010
Income from continuing operations before   income taxes	$	1,252,270	1,472,687	1,368,010	1,167,875		1,115,639
Distributions greater than equity in earnings   of affiliates		4,962	5,204	6,648	2,622		5,343
Previously capitalized interest charged to   earnings during period		19,760	16,896	18,061	18,757		29,401
Interest and expense on indebtedness,   excluding capitalized interest		115,819	71,900	14,932	40,700		34,728
Interest portion of rentals*		46,528	44,478	42,103	42,235		44,122
Earnings before provision for taxes and   fixed charges	$	1,439,339	1,611,165	1,449,754	1,272,189		1,229,233
Interest and expense on indebtedness,   excluding capitalized interest		115,819	71,900	14,932	40,700		34,728
Capitalized interest		20,605	52,523	39,173	15,131		18,444
Interest portion of rentals*		46,528	44,478	42,103	42,235		44,122
Total fixed charages	$	182,952	168,901	96,208	98,066		97,294
Ratio of earnings to fixed charges		7.9	9.5	15.1	13.0		12.6
*Calculated as one-third of rentals.  Considered a reasonable approximation of interest factor.