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