EXHIBIT 12

Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of dollars)

		Three Months
		Ended		Years Ended December 31,
		March 31, 2016		2015		2014	2013	2012	2011
Income (loss) from continuing operations  before income taxes	$	(265,034)		(3,282,262)		1,252,270	1,472,687	1,368,010	1,167,875
Distributions (less than) greater than equity in earnings of affiliates		(318)		4,104		4,962	5,204	6,648	2,622
Previously capitalized interest charged to   earnings during period		3,123		27,201		19,760	16,896	18,061	18,757
Interest and expense on indebtedness,   excluding capitalized interest		30,220		117,375		115,819	71,900	14,932	40,700
Interest portion of rentals(1)		7,409		26,932		46,528	44,478	42,103	42,235
Earnings (loss) before provision for taxes    and fixed charges	$	(224,600)		(3,106,650)		1,439,339	1,611,165	1,449,754	1,272,189
Interest and expense on indebtedness,   excluding capitalized interest		30,220		117,375		115,819	71,900	14,932	40,700
Capitalized interest		1,841		7,290		20,605	52,523	39,173	15,131
Interest portion of rentals(1)		7,409		26,932		46,528	44,478	42,103	42,235
Total fixed charges	$	39,470		151,597		182,952	168,901	96,208	98,066
Ratio of earnings to fixed charges		–	(2)	–	(2)	7.9	9.5	15.1	13.0

(1)Calculated as one-third of rentals.  Considered a reasonable approximation of interest factor.

(2)Earnings for the three-month period ended March 31, 2016 and the year ended December 31, 2015 were inadequate to cover fixed charges by $264,070 and $3,258,247, respectively.

Ex. 12-1