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, | ||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||
Income from continuing operations before income taxes | $ | 1,622,982 | 1,492,644 | 1,325,652 | 1,210,917 | 2,702,735 | ||||||||||||||
Distributions greater than equity in earnings of affiliates | 6,648 | 2,622 | 5,343 | 4,970 | 1,012 | |||||||||||||||
Previously capitalized interest charged to earnings during period | 18,061 | 18,757 | 29,401 | 26,954 | 20,385 | |||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | 14,932 | 40,700 | 34,728 | 24,391 | 42,152 | |||||||||||||||
Interest portion of rentals* | 49,279 | 50,756 | 50,355 | 38,452 | 30,618 | |||||||||||||||
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Earnings before provision for taxes and fixed charges | $ | 1,711,902 | 1,605,479 | 1,445,479 | 1,305,684 | 2,796,902 | ||||||||||||||
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Interest and expense on indebtedness, excluding capitalized interest | 14,932 | 40,700 | 34,728 | 24,391 | 42,152 | |||||||||||||||
Capitalized interest | 39,173 | 15,131 | 18,444 | 28,614 | 31,459 | |||||||||||||||
Interest portion of rentals* | 49,279 | 50,756 | 50,355 | 38,452 | 30,618 | |||||||||||||||
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Total fixed charges | $ | 103,384 | 106,587 | 103,527 | 91,457 | 104,229 | ||||||||||||||
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Ratio of earnings to fixed charges | 16.6 | 15.1 | 14.0 | 14.3 | 26.8 |
* | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
Ex. 12-1