EX-12.1 3 dex121.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

EXHIBIT 12.1

Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of dollars)

 

     Years Ended December 31,1  
     2009    2008    2007    2006     2005  

Income from continuing operations before income taxes

    $ 1,277,173    2,818,365    1,189,004    971,883      1,319,386   

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

      4,970    1,012    294    (4,065 )    (5,514 ) 

Previously capitalized interest charged to earnings during period

      28,275    21,898    14,585    11,741      15,564   

Interest and expense on indebtedness, excluding capitalized interest

      24,391    42,152    24,784    9,476      8,765   

Interest portion of rentals2

      28,501    29,174    13,554    14,021      9,397   
                             

Earnings before provision for taxes and fixed charges

    $ 1,363,310    2,912,601    1,242,221    1,003,056      1,347,598   
                             

Interest and expense on indebtedness, excluding capitalized interest

      24,391    42,152    24,784    9,476      8,765   

Capitalized interest

      28,614    31,459    49,881    43,073      38,539   

Interest portion of rentals2

      28,501    29,174    13,554    14,021      9,397   
                             

Total fixed charges

    $ 81,506    102,785    88,219    66,570      56,701   
                             

Ratio of earnings to fixed charges

      16.7    28.3    14.1    15.1      23.8   

 

1

Prior years reclassified to conform to current presentation.

 

2

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

 

Ex. 12.1