EX-12.1 2 mur-20161231xex12_1.htm EX-12.1 2016 Exhibit 12

EXHIBIT 12



Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of dollars)





 

 

 

 

 

 

 

 

 

 

 



Years Ended December 31,

 

 

2016

 

2015

 

2014

 

2013

 

2012

 

Income (loss) from continuing
  operations before income taxes

$

 (493,115)

 

 (3,282,262)

 

 1,252,270 

 

 1,472,687 

 

 1,368,010 

 

Distributions greater than equity
  in earnings of affiliates

 

 6,034 

 

 4,104 

 

 4,962 

 

 5,204 

 

 6,648 

 

Previously capitalized interest
  charged to earnings during period

 

 14,444 

 

 27,201 

 

 19,760 

 

 16,896 

 

 18,061 

 

Interest and expense on indebtedness,
  excluding capitalized interest

 

 148,170 

 

 117,375 

 

 115,819 

 

 71,900 

 

 14,932 

 

Interest portion of rentals(1)

 

 22,003 

 

 26,932 

 

 46,528 

 

 44,478 

 

 42,103 

 

Earnings (loss) before provision
  for taxes and fixed charges

$

 (302,464)

 

 (3,106,650)

 

 1,439,339 

 

 1,611,165 

 

 1,449,754 

 

Interest and expense on indebtedness,
  excluding capitalized interest

 

 148,170 

 

 117,375 

 

 115,819 

 

 71,900 

 

 14,932 

 

Capitalized interest

 

 4,322 

 

 7,290 

 

 20,605 

 

 52,523 

 

 39,173 

 

Interest portion of rentals(1)

 

 22,003 

 

 26,932 

 

 46,528 

 

 44,478 

 

 42,103 

 

Total fixed charges

$

 174,495 

 

 151,597 

 

 182,952 

 

 168,901 

 

 96,208 

 

Ratio of earnings to fixed charges

 

 –

(2)

 –

(2)

 7.9 

 

 9.5 

 

 15.1 

 





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



(2)Earnings for the years ended December 31, 2016 and 2015 were inadequate to cover fixed charges by $476,959 and $3,258,247, respectively.









































Ex. 12-1