Murphy Oil Corporation and Consolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges (unaudited)
(Thousands of dollars)
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| Nine Months |
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| Ended |
| Years Ended December 31, | ||||||||
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| Sept. 30, 2014 |
| 2013 |
| 2012 |
| 2011 |
| 2010 |
| 2009 |
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Income from continuing operations | $ | 1,035,267 |
| 1,472,687 |
| 1,368,010 |
| 1,167,875 |
| 1,115,639 |
| 1,124,587 |
Distributions greater than equity in |
| 3,669 |
| 5,204 |
| 6,648 |
| 2,622 |
| 5,343 |
| 4,970 |
Previously capitalized interest |
| 13,028 |
| 16,896 |
| 18,061 |
| 18,757 |
| 29,401 |
| 26,954 |
Interest and expense on indebtedness, |
| 82,381 |
| 71,900 |
| 14,932 |
| 40,700 |
| 34,728 |
| 24,391 |
Interest portion of rentals* |
| 42,956 |
| 44,478 |
| 42,103 |
| 42,235 |
| 44,122 |
| 32,563 |
Earnings before provision for taxes |
| 1,177,301 |
| 1,611,165 |
| 1,449,754 |
| 1,272,189 |
| 1,229,233 |
| 1,213,465 |
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Interest and expense on indebtedness, |
| 82,381 |
| 71,900 |
| 14,932 |
| 40,700 |
| 34,728 |
| 24,391 |
Capitalized interest |
| 19,244 |
| 52,523 |
| 39,173 |
| 15,131 |
| 18,444 |
| 28,614 |
Interest portion of rentals* |
| 42,956 |
| 44,478 |
| 42,103 |
| 42,235 |
| 44,122 |
| 32,563 |
Total fixed charges | $ | 144,581 |
| 168,901 |
| 96,208 |
| 98,066 |
| 97,294 |
| 85,568 |
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Ratio of earnings to fixed charges |
| 8.1 |
| 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