EX-12.1 2 mur-20160630xex12_1.htm EX-12.1 Q2 2016 Exhibit 12

EXHIBIT 12



Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of dollars)





 

 

 

 

 

 

 

 

 

 

 

 



 

Six Months

 

 

 

 

 

 

 

 

 

 



 

Ended

 

Years Ended December 31,

 

 

June 30, 2016

 

2015

 

2014

 

2013

 

2012

 

2011



 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations
  before income taxes

$

 (396,301)

 

 (3,282,262)

 

 1,252,270 

 

 1,472,687 

 

 1,368,010 

 

 1,167,875 

Distributions greater than equity in earnings of

  affiliates

 

 3,055 

 

 4,104 

 

 4,962 

 

 5,204 

 

 6,648 

 

 2,622 

Previously capitalized interest charged to
  earnings during period

 

 6,168 

 

 27,201 

 

 19,760 

 

 16,896 

 

 18,061 

 

 18,757 

Interest and expense on indebtedness,
  excluding capitalized interest

 

 64,670 

 

 117,375 

 

 115,819 

 

 71,900 

 

 14,932 

 

 40,700 

Interest portion of rentals(1)

 

 11,903 

 

 26,932 

 

 46,528 

 

 44,478 

 

 42,103 

 

 42,235 

Earnings (loss) before provision for taxes 
  and fixed charges

$

 (310,505)

 

 (3,106,650)

 

 1,439,339 

 

 1,611,165 

 

 1,449,754 

 

 1,272,189 

Interest and expense on indebtedness,
  excluding capitalized interest

 

 64,670 

 

 117,375 

 

 115,819 

 

 71,900 

 

 14,932 

 

 40,700 

Capitalized interest

 

 2,449 

 

 7,290 

 

 20,605 

 

 52,523 

 

 39,173 

 

 15,131 

Interest portion of rentals(1)

 

 11,903 

 

 26,932 

 

 46,528 

 

 44,478 

 

 42,103 

 

 42,235 

Total fixed charges

$

 79,022 

 

 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 six-month period ended June 30, 2016 and the year ended December 31, 2015 were inadequate to cover fixed charges by $389,527 and $3,258,247, respectively.









































Ex. 12-1