Murphy Oil (MUR) 10-K/A 2005 FY Annual report (amended)

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,
	2005			2004		2003		2002		2001
Income from continuing operations before income taxes	$	1,372,059		804,936		374,205		121,566		438,972
Distributions (less than) greater than equity in earnings of affiliates		(5,514	)	(4,225	)	(209	)	(3	)	(365	)
Previously capitalized interest charged to earnings during period		15,564		14,065		10,457		7,748		3,450
Interest and expense on indebtedness		8,765		34,064		20,511		26,968		19,006
Interest portion of rentals*		9,397		7,908		9,857		9,445		7,953
Earnings before provision for taxes and fixed charges	$	1,400,271		856,748		414,821		165,724		469,016
Interest and expense on indebtedness, excluding capitalized interest	$	8,765		34,064		20,511		26,968		19,006
Capitalized interest		38,539		22,160		37,240		24,536		20,283
Interest portion of rentals*		9,397		7,908		9,857		9,445		7,953
Total fixed charges	$	56,701		64,132		67,608		60,949		47,242
Ratio of earnings to fixed charges		24.7		13.4		6.1		2.7		9.9

* Calculated as one-third of rentals, which is considered a reasonable approximation of interest factor.

Ex. 12-1