Murphy Oil (MUR) 10-Q 2008 Q2 Quarterly report

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,
	Six Months Ended June 30, 2008			2007	2006		2005		2004		2003
Income from continuing operations before income taxes	$	1,627,517		1,237,232	1,038,398		1,385,115		810,812		374,851
Distributions (less than) greater than equity in earnings of affiliates		(521	)	294	(4,065	)	(5,514	)	(4,225	)	(209	)
Previously capitalized interest charged to earnings during period		11,763		14,585	11,741		15,564		14,065		10,457
Interest and expense on indebtedness, excluding capitalized interest		29,760		25,612	9,476		8,765		34,064		20,511
Interest portion of rentals*		15,334		13,554	14,021		9,397		7,908		9,857
Earnings before provision for taxes and fixed charges	$	1,683,853		1,291,277	1,069,571		1,413,327		862,624		415,467
Interest and expense on indebtedness, excluding capitalized interest		29,760		25,612	9,476		8,765		34,064		20,511
Capitalized interest		12,944		49,881	43,073		38,539		22,160		37,240
Interest portion of rentals*		15,334		13,554	14,021		9,397		7,908		9,857
Total fixed charges	$	58,038		89,047	66,570		56,701		64,132		67,608
Ratio of earnings to fixed charges		29.0		14.5	16.1		24.9		13.5		6.1

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

Ex. 12-1