Murphy Oil (MUR) 10-K 2010 FY Annual 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
	2010		2009		2008		2007		2006
Income from continuing operations before income taxes	$	1,414,231		1,277,173		2,818,365		1,189,004		971,883
Distributions (less than) greater than equity in earnings of affiliates		5,343		4,970		1,012		294		(4,065	)
Previously capitalized interest charged to earnings during period		30,758		28,275		21,898		14,585		11,741
Interest and expense on indebtedness, excluding capitalized interest		34,728		24,391		42,152		24,784		9,476
Interest portion of rentals*		31,030		28,501		29,174		13,554		14,021
Earnings before provision for taxes and fixed charges	$	1,516,090		1,363,310		2,912,601		1,242,221		1,003,056
Interest and expense on indebtedness, excluding capitalized interest		34,728		24,391		42,152		24,784		9,476
Capitalized interest		18,444		28,614		31,459		49,881		43,073
Interest portion of rentals*		31,030		28,501		29,174		13,554		14,021
Total fixed charges	$	84,202		81,506		102,785		88,219		66,570
Ratio of earnings to fixed charges		18.0		16.7		28.3		14.1		15.1

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

Ex. 12.1