Murphy Oil (MUR) 10-Q 2013 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		Years Ended December 31,
	June 30, 2013		2012		2011		2010		2009		2008
Income from continuing operations before income taxes	$	977,319		1,622,982		1,492,644		1,325,652		1,210,917		2,702,735
Distributions greater than (less than) equity in earnings of affiliates		3,025		6,648		2,622		5,343		4,970		1,012
Previously capitalized interest charged to earnings during period		8,443		18,061		18,757		29,401		26,954		20,385
Interest and expense on indebtedness, excluding capitalized interest		28,755		14,932		40,700		34,728		24,391		42,152
Interest portion of rentals*		26,109		49,279		50,756		50,355		38,452		30,618
Earnings before provision for taxes and fixed charges	$	1,043,651		1,711,902		1,605,479		1,445,479		1,305,684		2,796,902
Interest and expense on indebtedness, excluding capitalized interest		28,755		14,932		40,700		34,728		24,391		42,152
Capitalized interest		27,866		39,173		15,131		18,444		28,614		31,459
Interest portion of rentals*		26,109		49,279		50,756		50,355		38,452		30,618
Total fixed charges	$	82,730		103,384		106,587		103,527		91,457		104,229
Ratio of earnings to fixed charges		12.6		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