MURPHY OIL CORP - FORM 10-Q - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

file	filename
10-Q - FORM 10-Q - MURPHY OIL CORP	d10q.htm
EX-32 - SECTION 906 PEO AND PFO CERTIFICATION - MURPHY OIL CORP	dex32.htm
EX-31.1 - SECTION 302 PEO CERTIFICATION - MURPHY OIL CORP	dex311.htm
EX-31.2 - SECTION 302 PFO CERTIFICATION - MURPHY OIL CORP	dex312.htm

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, 2009		Years Ended December 31,¹
	Nine Months Ended Sept. 30, 2009		2008	2007	2006		2005		2004
Income from continuing operations before income taxes	$	740,439	2,818,365	1,189,004	971,883		1,319,386		800,106
Distributions (less than) greater than equity in earnings of affiliates		4,018	1,012	294	(4,065	)	(5,514	)	(4,225	)
Previously capitalized interest charged to earnings during period		20,275	21,898	14,585	11,741		15,564		14,065
Interest and expense on indebtedness, excluding capitalized interest		11,198	42,152	24,784	9,476		8,765		34,064
Interest portion of rentals²		21,705	29,174	13,554	14,021		9,397		7,908


Earnings before provision for taxes and fixed charges	$	797,635	2,912,601	1,242,221	1,003,056		1,347,598		851,918

Interest and expense on indebtedness, excluding capitalized interest		11,198	42,152	24,784	9,476		8,765		34,064
Capitalized interest		26,585	31,459	49,881	43,073		38,539		22,160
Interest portion of rentals²		21,705	29,174	13,554	14,021		9,397		7,908


Total fixed charges	$	59,488	102,785	88,219	66,570		56,701		64,132

Ratio of earnings to fixed charges		13.4	28.3	14.1	15.1		23.8		13.3

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

MURPHY OIL CORP - FORM 10-Q - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - November 6, 2009