Murphy Oil (MUR) 10-Q 2015 Q2 Quarterly report

EXHIBIT 12

Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of dollars)

	Six Months
	Ended			Years Ended December 31,
	June 30, 2015			2014	2013	2012	2011	2010
Income (loss) from continuing   operations before income taxes	$	(227,819)		1,252,270	1,472,687	1,368,010	1,167,875	1,115,639
Distributions greater than equity   in earnings of affiliates		2,361		4,962	5,204	6,648	2,622	5,343
Previously capitalized interest   charged to earnings during period		13,575		19,760	16,896	18,061	18,757	29,401
Interest and expense on indebtedness,   excluding capitalized interest		56,728		115,819	71,900	14,932	40,700	34,728
Interest portion of rentals(1)		13,478		46,528	44,478	42,103	42,235	44,122
Earnings (loss) before provision   for taxes  and fixed charges	$	(141,677)		1,439,339	1,611,165	1,449,754	1,272,189	1,229,233
Interest and expense on indebtedness,   excluding capitalized interest		56,728		115,819	71,900	14,932	40,700	34,728
Capitalized interest		3,208		20,605	52,523	39,173	15,131	18,444
Interest portion of rentals(1)		13,478		46,528	44,478	42,103	42,235	44,122
Total fixed charges	$	73,414		182,952	168,901	96,208	98,066	97,294
Ratio of earnings to fixed charges		–	(2)	7.9	9.5	15.1	13.0	12.6

(1)Calculated as one-third of rentals.  Considered a reasonable approximation of interest factor.

(2)Earnings for the six-month period ended June 30, 2015 were inadequate to cover fixed charges by $215,091.

Ex. 12-1