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