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 |
| Years Ended December 31, | ||||||||
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| June 30, 2016 |
| 2015 |
| 2014 |
| 2013 |
| 2012 |
| 2011 |
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Income (loss) from continuing operations | $ | (396,301) |
| (3,282,262) |
| 1,252,270 |
| 1,472,687 |
| 1,368,010 |
| 1,167,875 |
Distributions greater than equity in earnings of affiliates |
| 3,055 |
| 4,104 |
| 4,962 |
| 5,204 |
| 6,648 |
| 2,622 |
Previously capitalized interest charged to |
| 6,168 |
| 27,201 |
| 19,760 |
| 16,896 |
| 18,061 |
| 18,757 |
Interest and expense on indebtedness, |
| 64,670 |
| 117,375 |
| 115,819 |
| 71,900 |
| 14,932 |
| 40,700 |
Interest portion of rentals(1) |
| 11,903 |
| 26,932 |
| 46,528 |
| 44,478 |
| 42,103 |
| 42,235 |
Earnings (loss) before provision for taxes | $ | (310,505) |
| (3,106,650) |
| 1,439,339 |
| 1,611,165 |
| 1,449,754 |
| 1,272,189 |
Interest and expense on indebtedness, |
| 64,670 |
| 117,375 |
| 115,819 |
| 71,900 |
| 14,932 |
| 40,700 |
Capitalized interest |
| 2,449 |
| 7,290 |
| 20,605 |
| 52,523 |
| 39,173 |
| 15,131 |
Interest portion of rentals(1) |
| 11,903 |
| 26,932 |
| 46,528 |
| 44,478 |
| 42,103 |
| 42,235 |
Total fixed charges | $ | 79,022 |
| 151,597 |
| 182,952 |
| 168,901 |
| 96,208 |
| 98,066 |
Ratio of earnings to fixed charges |
| – | (2) | – | (2) | 7.9 |
| 9.5 |
| 15.1 |
| 13.0 |
(1)Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.
(2)Earnings for the six-month period ended June 30, 2016 and the year ended December 31, 2015 were inadequate to cover fixed charges by $389,527 and $3,258,247, respectively.
Ex. 12-1