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, 2012 
Years Ended December 31,  
2011^{1}  2010^{1}  2009^{1}  2008^{1}  2007^{1}  
Income from continuing operations before income taxes 
$  1,360,312  1,492,644  1,325,652  1,210,917  2,702,735  810,513  
Distributions greater than (less than) equity in earnings of affiliates 
5,396  2,622  5,343  4,970  1,012  294  
Previously capitalized interest charged to earnings during period 
13,057  18,757  29,401  26,954  20,385  12,978  
Interest and expense on indebtedness, excluding capitalized interest 
8,918  40,700  34,728  24,391  42,152  24,784  
Interest portion of rentals^{2} 
37,146  50,756  50,355  38,452  30,618  14,551  













Earnings before provision for taxes and fixed charges 
$  1,424,829  1,605,479  1,445,479  1,305,684  2,796,902  863,120  













Interest and expense on indebtedness, excluding capitalized interest 
8,918  40,700  34,728  24,391  42,152  24,784  
Capitalized interest 
27,360  15,131  18,444  28,614  31,459  49,881  
Interest portion of rentals^{2} 
37,146  50,756  50,355  38,452  30,618  14,551  













Total fixed charges 
$  73,424  106,587  103,527  91,457  104,229  89,216  













Ratio of earnings to fixed charges 
19.4  15.1  14.0  14.3  26.8  9.7 
^{1}  The ratio of earnings to fixed charges for all prior years have been adjusted to reflect the Company’s exploration and production operations in the United Kingdom as discontinued operations. 
^{2}  Calculated as onethird of rentals. Considered a reasonable approximation of interest factor. 
Ex. 121