VALUATION ACCOUNTS AND RESERVES

12 Months Ended

Dec. 31, 2012

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
2012
Deducted from asset accounts:
Allowance for doubtful accounts	$	7.9		0.3		(1.5	)		0.0			6.7
Deferred tax asset valuation allowance		445.8		78.2		0.0			0.0			524.0
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

* Amounts primarily represent changes in foreign currency exchange rates.