VALUATION ACCOUNTS AND RESERVES

12 Months Ended

Dec. 31, 2011

VALUATION ACCOUNTS AND RESERVES

MURPHY OIL CORPORATION AND CONSOLIDATED SUBSIDIARIES

SCHEDULE II – VALUATION ACCOUNTS AND RESERVES

(Millions of dollars)	Balance at January 1		Charged (Credited) to Expense		Deductions			Other*			Balance at December 31
2011
Deducted from asset accounts:
Allowance for doubtful accounts	$	8.0		0.2		(0.3	)		0.0			7.9
Deferred tax asset valuation allowance		305.3		140.5		0.0			0.0			445.8
2010
Deducted from asset accounts:
Allowance for doubtful accounts	$	7.8		0.5		(0.2	)		(0.1	)		8.0
Deferred tax asset valuation allowance		290.2		15.1		0.0			0.0			305.3
2009
Deducted from asset accounts:
Allowance for doubtful accounts	$	7.3		0.9		(0.2	)		(0.2	)		7.8
Deferred tax asset valuation allowance		266.8		23.4		0.0			0.0			290.2

*Amounts primarily represent changes in foreign currency exchange rates.