EXHIBIT 12

Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of dollars)

	Three Months Ended		Years Ended December 31,
	Mar. 31, 2014		2013		2012		2011		2010		2009
Income from continuing operations before income taxes	$	334,181		1,472,687		1,368,010		1,167,875		1,115,639		1,124,587
Distributions greater than equity in earnings of affiliates		1,137		5,204		6,648		2,622		5,343		4,970
Previously capitalized interest charged to earnings during period		3,666		16,896		18,061		18,757		29,401		26,954
Interest and expense on indebtedness, excluding capitalized interest		24,018		71,900		14,932		40,700		34,728		24,391
Interest portion of rentals*		11,967		44,478		42,103		42,235		44,122		32,563
Earnings before provision for taxes and fixed charges	$	374,969		1,611,165		1,449,754		1,272,189		1,229,233		1,213,465
Interest and expense on indebtedness, excluding capitalized interest		24,018		71,900		14,932		40,700		34,728		24,391
Capitalized interest		8,868		52,523		39,173		15,131		18,444		28,614
Interest portion of rentals*		11,967		44,478		42,103		42,235		44,122		32,563
Total fixed charges	$	44,853		168,901		96,208		98,066		97,294		85,568
Ratio of earnings to fixed charges		8.4		9.5		15.1		13.0		12.6		14.2

* Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

Ex. 12-1