EX-12.1 2 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)

 

     Three Months
Ended
March 31, 2009		    Years Ended December 31,1  
      2008    2007    2006     2005     2004  

Income from continuing operations before income taxes

    $ 156,523    2,821,455    1,208,747    1,000,043     1,347,028     804,262  

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

      1,711    1,012    294    (4,065 )   (5,514 )   (4,225 )

Previously capitalized interest charged to earnings during period

      6,105    21,898    14,585    11,741     15,564     14,065  

Interest and expense on indebtedness, excluding capitalized interest

      1,665    42,153    25,612    9,476     8,765     34,064  

Interest portion of rentals2

      7,283    29,174    13,554    14,021     9,397     7,908  
                                   

Earnings before provision for taxes and fixed charges

    $ 173,287    2,915,692    1,262,792    1,031,216     1,375,240     856,074  
                                   

Interest and expense on indebtedness, excluding capitalized interest

      1,665    42,153    25,612    9,476     8,765     34,064  

Capitalized interest

      10,323    31,459    49,881    43,073     38,539     22,160  

Interest portion of rentals2

      7,283    29,174    13,554    14,021     9,397     7,908  
                                   

Total fixed charges

    $ 19,271    102,786    89,047    66,570     56,701     64,132  
                                   

Ratio of earnings to fixed charges

      9.0    28.4    14.2    15.5     24.3     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