EXHIBIT 12.1

Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of Dollars)

	Three Months Ended Mar. 31, 2004			Year Ended December 31,
				2003		2002		2001		2000		1999
Income from continuing operations before income taxes	$	139,828		374,205		122,067		437,342		406,086		153,185
Distributions (less than) greater than equity in earnings of affiliates		(665	)	(209	)	(3	)	(365	)	(34	)	64
Previously capitalized interest charged to earnings during period		3,839		10,457		7,748		3,450		3,507		3,146
Interest and expense on indebtedness, excluding capitalized interest		10,036		20,511		26,968		19,006		16,337		20,274
Interest portion of rentals*		2,046		9,857		9,445		7,953		5,808		3,267
Earnings before provision for taxes and fixed charges	$	155,084		414,821		166,225		467,386		431,704		179,936
Interest and expense on indebtedness, excluding capitalized interest		10,036		20,511		26,968		19,006		16,337		20,274
Capitalized interest		4,252		37,240		24,536		20,283		13,599		7,865
Interest portion of rentals*		2,046		9,857		9,445		7,953		5,808		3,267
Total fixed charges	$	16,334		67,608		60,949		47,242		35,744		31,406
Ratio of earnings to fixed charges		9.5		6.1		2.7		9.9		12.1		5.7

* Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

Ex. 12-1