EX-12.1 2 dex121.htm COMPUTATION OF RATIO Computation of Ratio

EXHIBIT 12.1

 

Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of Dollars)

 

    

Nine Months
Ended

Sept. 30, 2004


    Year Ended December 31,

       2003

    2002

    2001

    2000

    1999

Income from continuing operations before income taxes

   $ 593,859     374,205     122,067     437,342     406,086     153,185

Distributions (less than) greater than equity in earnings of affiliates

     (3,205 )   (209 )   (3 )   (365 )   (34 )   64

Previously capitalized interest charged to earnings during period

     10,737     10,457     7,748     3,450     3,507     3,146

Interest and expense on indebtedness, excluding capitalized interest

     27,242     20,511     26,968     19,006     16,337     20,274

Interest portion of rentals*

     5,770     9,857     9,445     7,953     5,808     3,267
    


 

 

 

 

 

Earnings before provision for taxes and fixed charges

   $ 634,403     414,821     166,225     467,386     431,704     179,936
    


 

 

 

 

 

Interest and expense on indebtedness, excluding capitalized interest

     27,242     20,511     26,968     19,006     16,337     20,274

Capitalized interest

     15,083     37,240     24,536     20,283     13,599     7,865

Interest portion of rentals*

     5,770     9,857     9,445     7,953     5,808     3,267
    


 

 

 

 

 

Total fixed charges

   $ 48,095     67,608     60,949     47,242     35,744     31,406
    


 

 

 

 

 

Ratio of earnings to fixed charges

     13.2     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