Exhibit 12.1
Murphy Oil Corporation and Consolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges (Unaudited)
(Thousands of Dollars)
Year Ended December 31, | |||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||
Income (Loss) from Continuing Operations Before Income Taxes | $ | 151,675 |
| 502,103 |
| 454,511 |
| 169,691 | (12,774 | ) | |||||
Distributions (Less Than) Greater Than Equity in Earnings of Affiliates |
| (3 | ) | (365 | ) | (34 | ) | 64 | (15 | ) | |||||
Previously Capitalized Interest Charged to Earnings During Period |
| 7,748 |
| 3,450 |
| 3,507 |
| 3,146 | 2,172 |
| |||||
Interest and Expense on Indebtedness |
| 26,968 |
| 19,006 |
| 16,337 |
| 20,274 | 10,484 |
| |||||
Interest Portion of Rentals (1) |
| 9,445 |
| 7,953 |
| 5,808 |
| 3,267 | 3,293 |
| |||||
Earnings Before Provision for Taxes and Fixed Charges | $ | 195,833 |
| 532,147 |
| 480,129 |
| 196,442 | 3,160 |
| |||||
Interest and Expense on Indebtedness, excluding capitalized interest |
| 26,968 |
| 19,006 |
| 16,337 |
| 20,274 | 10,484 |
| |||||
Capitalized Interest |
| 24,536 |
| 20,283 |
| 13,599 |
| 7,865 | 7,606 |
| |||||
Interest Portion of Rentals (1) |
| 9,445 |
| 7,953 |
| 5,808 |
| 3,267 | 3,293 |
| |||||
Total Fixed Charges | $ | 60,949 |
| 47,242 |
| 35,744 |
| 31,406 | 21,383 |
| |||||
Ratio of Earnings to Fixed Charges |
| 3.2 |
| 11.3 |
| 13.4 |
| 6.3 | — | (2) | |||||
| (1) | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
| (2) | The computation of earnings was less than fixed charges by $18,223 in 1998. |