Murphy Oil (MUR) 10-Q 2010 Q3 Quarterly report

Exhibit 12.1

Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of dollars)

	Nine Months Ended Sept. 30, 2010		Years Ended December 31,
			2009		2008		2007		2006			2005
Income from continuing operationsbefore income taxes	$	1,091,122		1,277,173		2,818,365		1,189,004		971,883			1,319,386
Distributions (less than) greater than equity in earnings of affiliates		3,919		4,970		1,012		294		(4,065	)		(5,514	)
Previously capitalized interest charged to earnings during period		23,600		28,275		21,898		14,585		11,741			15,564
Interest and expense on indebtedness, excluding capitalized interest		30,384		24,391		42,152		24,784		9,476			8,765
Interest portion of rentals*		22,686		28,501		29,174		13,554		14,021			9,397
Earnings before provision for taxes and fixed charges	$	1,171,711		1,363,310		2,912,601		1,242,221		1,003,056			1,347,598
Interest and expense on indebtedness, excluding capitalized interest		30,384		24,391		42,152		24,784		9,476			8,765
Capitalized interest		11,069		28,614		31,459		49,881		43,073			38,539
Interest portion of rentals*		22,686		28,501		29,174		13,554		14,021			9,397
Total fixed charges	$	64,139		81,506		102,785		88,219		66,570			56,701
Ratio of earnings to fixed charges		18.3		16.7		28.3		14.1		15.1			23.8

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

Ex. 12-1