Murphy Oil (MUR) 10-Q 2003 Q2 Quarterly report

EXHIBIT 12.1

Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of Dollars)

	Six Months Ended June 30, 2003			Year Ended December 31,
				2002		2001		2000		1999	1998
Income (loss) from continuing operations before income taxes	$	253,237		151,675		502,103		454,511		169,691	(12,774	)
Distributions (less than) greater than equity in earnings of affiliates		(138	)	(3	)	(365	)	(34	)	64	(15	)
Previously capitalized interest charged to earnings during period		5,275		7,748		3,450		3,507		3,146	2,172
Interest and expense on indebtedness, excluding capitalized interest		8,585		26,968		19,006		16,337		20,274	10,484
Interest portion of rentals (1)		5,888		9,445		7,953		5,808		3,267	3,293
Earnings before provision for taxes and fixed charges	$	272,847		195,833		532,147		480,129		196,442	3,160
Interest and expense on indebtedness, excluding capitalized interest		8,585		26,968		19,006		16,337		20,274	10,484
Capitalized interest		19,648		24,536		20,283		13,599		7,865	7,606
Interest portion of rentals (1)		5,888		9,445		7,953		5,808		3,267	3,293
Total fixed charges	$	34,121		60,949		47,242		35,744		31,406	21,383
Ratio of earnings to fixed charges		8.0		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.