Murphy Oil (MUR) 10-Q 2009 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, 2009		Years Ended December 31,1
			2008	2007	2006		2005		2004
Income from continuing operations before income taxes	$	427,660	2,821,455	1,208,747	1,000,043		1,347,028		804,262
Distributions (less than) greater than equity in earnings of affiliates		2,863	1,012	294	(4,065	)	(5,514	)	(4,225	)
Previously capitalized interest charged to earnings during period		11,930	21,898	14,585	11,741		15,564		14,065
Interest and expense on indebtedness, excluding capitalized interest		2,722	42,153	25,612	9,476		8,765		34,064
Interest portion of rentals2		14,130	29,174	13,554	14,021		9,397		7,908
Earnings before provision for taxes and fixed charges	$	459,305	2,915,692	1,262,792	1,031,216		1,375,240		856,074
Interest and expense on indebtedness, excluding capitalized interest		2,722	42,153	25,612	9,476		8,765		34,064
Capitalized interest		22,450	31,459	49,881	43,073		38,539		22,160
Interest portion of rentals2		14,130	29,174	13,554	14,021		9,397		7,908
Total fixed charges	$	39,302	102,786	89,047	66,570		56,701		64,132
Ratio of earnings to fixed charges		11.7	28.4	14.2	15.5		24.3		13.3

¹ Prior years reclassified to conform to current presentation.

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

Ex. 12-1