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,
	2011		2010		2009		2008		2007
Income from continuing operations before income taxes	$	1,550,983		1,388,710		1,235,413		2,849,489		906,538
Distributions (less than) greater than equity in earnings of affiliates		2,622		5,343		4,970		1,012		294
Previously capitalized interest charged to earnings during period		18,923		29,743		27,180		20,803		13,490
Interest and expense on indebtedness, excluding capitalized interest		40,700		34,728		24,391		42,152		24,784
Interest portion of rentals*		50,756		50,355		38,452		30,618		14,551
Earnings before provision for taxes and fixed charges	$	1,663,984		1,508,879		1,330,406		2,944,074		959,657
Interest and expense on indebtedness, excluding capitalized interest		40,700		34,728		24,391		42,152		24,784
Capitalized interest		15,131		18,444		28,614		31,459		49,881
Interest portion of rentals*		50,756		50,355		38,452		30,618		14,551
Total fixed charges	$	106,587		103,527		91,457		104,229		89,216
Ratio of earnings to fixed charges		15.6		14.6		14.5		28.2		10.8

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