EXHIBIT 12.1
MURPHY OIL CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (UNAUDITED)
(THOUSANDS OF DOLLARS)
| Years Ended December 31, | |||||||||||||||
| 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||
Income from continuing operations before income taxes | $ | 419,167 | 151,675 | 502,103 | 454,511 | 169,691 | |||||||||
Distributions (less than) greater than equity in earnings of affiliates | (209 | ) | (3 | ) | (365 | ) | (34 | ) | 64 | ||||||
Previously capitalized interest charged to earnings during period | 10,457 | 7,748 | 3,450 | 3,507 | 3,146 | ||||||||||
Interest and expense on indebtedness | 20,511 | 26,968 | 19,006 | 16,337 | 20,274 | ||||||||||
Interest portion of rentals* | 9,857 | 9,445 | 7,953 | 5,808 | 3,267 | ||||||||||
Earnings before provision for taxes and fixed charges | $ | 459,783 | 195,833 | 532,147 | 480,129 | 196,442 | |||||||||
Interest and expense on indebtedness, | |||||||||||||||
excluding capitalized interest | 20,511 | 26,968 | 19,006 | 16,337 | 20,274 | ||||||||||
Capitalized interest | 37,240 | 24,536 | 20,283 | 13,599 | 7,865 | ||||||||||
Interest portion of rentals* | 9,857 | 9,445 | 7,953 | 5,808 | 3,267 | ||||||||||
Total fixed charges | $ | 67,608 | 60,949 | 47,242 | 35,744 | 31,406 | |||||||||
Ratio of earnings to fixed charges | 6.8 | 3.2 | 11.3 | 13.4 | 6.3 | ||||||||||
| * | Calculated as one-third of rentals, which is considered a reasonable approximation of interest factor. |