Murphy Oil Corporation and Consolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges (unaudited)
(Thousands of dollars)
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| Years Ended December 31, | ||||||||||
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| 2017 |
| 2016 |
| 2015 |
| 2014 |
| 2013 |
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Income (loss) from continuing | $ | 71,802 |
| (493,115) |
| (3,282,262) |
| 1,252,270 |
| 1,472,687 |
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Distributions greater than equity |
| 2,058 |
| 6,034 |
| 4,104 |
| 4,962 |
| 5,204 |
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Previously capitalized interest |
| 11,106 |
| 14,444 |
| 27,201 |
| 19,760 |
| 16,896 |
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Interest and expense on indebtedness, |
| 181,783 |
| 148,170 |
| 117,375 |
| 115,819 |
| 71,900 |
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Interest portion of rentals(1) |
| 30,317 |
| 22,003 |
| 26,932 |
| 46,528 |
| 44,478 |
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Earnings (loss) before provision | $ | 297,066 |
| (302,464) |
| (3,106,650) |
| 1,439,339 |
| 1,611,165 |
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Interest and expense on indebtedness, |
| 181,783 |
| 148,170 |
| 117,375 |
| 115,819 |
| 71,900 |
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Capitalized interest |
| 4,488 |
| 4,322 |
| 7,290 |
| 20,605 |
| 52,523 |
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Interest portion of rentals(1) |
| 30,317 |
| 22,003 |
| 26,932 |
| 46,528 |
| 44,478 |
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Total fixed charges | $ | 216,588 |
| 174,495 |
| 151,597 |
| 182,952 |
| 168,901 |
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Ratio of earnings to fixed charges |
| 1.4 |
| – | (2) | – | (2) | 7.9 |
| 9.5 |
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(1)Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.
(2)Earnings for the years ended December 31, 2016 and 2015 were inadequate to cover fixed charges by $476,959 and $3,258,247, respectively.
Ex. 12