Murphy Oil (MUR) 10-Q 2006 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, 2006			Years Ended December 31,
				2005		2004		2003		2002		2001
Income from continuing operations before income taxes	$	503,243		1,372,059		804,936		374,205		121,566		438,972
Distributions less than equity in earnings of affiliates		(4,140	)	(5,514	)	(4,225	)	(209	)	(3	)	(365	)
Previously capitalized interest charged to earnings during period		7,023		15,564		14,065		10,457		7,748		3,450
Interest and expense on indebtedness, excluding capitalized interest		3,613		8,765		34,064		20,511		26,968		19,006
Interest portion of rentals*		5,438		9,397		7,908		9,857		9,445		7,953
Earnings before provision for taxes and fixed charges	$	515,177		1,400,271		856,748		414,821		165,724		469,016
Interest and expense on indebtedness, excluding capitalized interest		3,613		8,765		34,064		20,511		26,968		19,006
Capitalized interest		18,628		38,539		22,160		37,240		24,536		20,283
Interest portion of rentals*		5,438		9,397		7,908		9,857		9,445		7,953
Total fixed charges	$	27,679		56,701		64,132		67,608		60,949		47,242
Ratio of earnings to fixed charges		18.6		24.7		13.4		6.1		2.7		9.9

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

Ex. 12-1