Murphy Oil (MUR) 10-Q 2007 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, 2007			Years Ended December 31,
				20061		20051		20041		20031
Income from continuing operations before income taxes	$	604,679		1,038,398		1,385,115		810,812		374,851
Distributions less than equity in earnings of affiliates		(314	)	(4,065	)	(5,514	)	(4,225	)	(209	)
Previously capitalized interest charged to earnings during period		4,799		11,741		15,564		14,065		10,457
Interest and expense on indebtedness, excluding capitalized interest		1,365		9,476		8,765		34,064		20,511
Interest portion of rentals2		7,695		14,021		9,397		7,908		9,857
Earnings before provision for taxes and fixed charges	$	618,224		1,069,571		1,413,327		862,624		415,467
Interest and expense on indebtedness, excluding capitalized interest		1,365		9,476		8,765		34,064		20,511
Capitalized interest		31,245		43,073		38,539		22,160		37,240
Interest portion of rentals2		7,695		14,021		9,397		7,908		9,857
Total fixed charges	$	40,305		66,570		56,701		64,132		67,608
Ratio of earnings to fixed charges		15.3		16.1		24.9		13.5		6.1

¹ Adjusted to reflect adoption of FASB Staff Position No. AUG AIR-1; See Note B to the consolidated financial statements.

² Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

Ex. 12-1