Murphy Oil (MUR) 10-Q 2005 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, 2005			Years Ended December 31,
				2004		2003		2002		2001		2000
Income from continuing operations before income taxes	$	765,180		804,936		374,205		121,566		438,972		407,813
Distributions less than equity in earnings of affiliates		(5,095	)	(4,225	)	(209	)	(3	)	(365	)	(34	)
Previously capitalized interest charged to earnings during period		8,966		14,065		10,457		7,748		3,450		3,507
Interest and expense on indebtedness, excluding capitalized interest		7,215		34,064		20,511		26,968		19,006		16,337
Interest portion of rentals*		4,534		7,908		9,857		9,445		7,953		5,808
Earnings before provision for taxes and fixed charges	$	780,800		856,748		414,821		165,724		469,016		433,431
Interest and expense on indebtedness, excluding capitalized interest		7,215		34,064		20,511		26,968		19,006		16,337
Capitalized interest		16,322		22,160		37,240		24,536		20,283		13,599
Interest portion of rentals*		4,534		7,908		9,857		9,445		7,953		5,808
Total fixed charges	$	28,071		64,132		67,608		60,949		47,242		35,744
Ratio of earnings to fixed charges		27.8		13.4		6.1		2.7		9.9		12.1

* Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.