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, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Income from continuing operations before income taxes | $ | 1,550,983 | 1,388,710 | 1,235,413 | 2,849,489 | 906,538 | ||||||||||||||
Distributions (less than) greater than equity in earnings of affiliates | 2,622 | 5,343 | 4,970 | 1,012 | 294 | |||||||||||||||
Previously capitalized interest charged to earnings during period | 18,923 | 29,743 | 27,180 | 20,803 | 13,490 | |||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | 40,700 | 34,728 | 24,391 | 42,152 | 24,784 | |||||||||||||||
Interest portion of rentals* | 50,756 | 50,355 | 38,452 | 30,618 | 14,551 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Earnings before provision for taxes and fixed charges | $ | 1,663,984 | 1,508,879 | 1,330,406 | 2,944,074 | 959,657 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Interest and expense on indebtedness, excluding capitalized interest | 40,700 | 34,728 | 24,391 | 42,152 | 24,784 | |||||||||||||||
Capitalized interest | 15,131 | 18,444 | 28,614 | 31,459 | 49,881 | |||||||||||||||
Interest portion of rentals* | 50,756 | 50,355 | 38,452 | 30,618 | 14,551 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total fixed charges | $ | 106,587 | 103,527 | 91,457 | 104,229 | 89,216 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Ratio of earnings to fixed charges | 15.6 | 14.6 | 14.5 | 28.2 | 10.8 |
* | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |