Murphy Oil (MUR) 10-Q 2011 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, 2011		Years Ended December 31,
			2010		2009		2008		2007		2006
Income from continuing operations before income taxes	$	1,013,025		1,414,231		1,277,173		2,818,365		1,189,004		971,883
Distributions (less than) greater than equity in earnings of affiliates		1,159		5,343		4,970		1,012		294		(4,065	)
Previously capitalized interest charged to earnings during period		9,978		30,758		28,275		21,898		14,585		11,741
Interest and expense on indebtedness, excluding capitalized interest		15,247		34,728		24,391		42,152		24,784		9,476
Interest portion of rentals*		14,808		31,030		28,501		29,174		13,554		14,021
Earnings before provision for taxes and fixed charges	$	1,054,217		1,516,090		1,363,310		2,912,601		1,242,221		1,003,056
Interest and expense on indebtedness, excluding capitalized interest		15,247		34,728		24,391		42,152		24,784		9,476
Capitalized interest		9,072		18,444		28,614		31,459		49,881		43,073
Interest portion of rentals*		14,808		31,030		28,501		29,174		13,554		14,021
Total fixed charges	$	39,127		84,202		81,506		102,785		88,219		66,570
Ratio of earnings to fixed charges		26.9		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