EXHIBIT 12.1
Murphy Oil Corporation and Consolidated Subsidiaries
Computation of Ratio of Earnings to Fixed Charges (unaudited)
(Thousands of dollars)
Nine Months Ended | Years Ended December 31, | |||||||||||||||||||||||
Sept. 30, 2013 | 20121 | 20111 | 20101 | 20091 | 20081 | |||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,251,566 | 1,444,929 | 1,122,420 | 1,058,656 | 1,103,107 | 2,309,104 | |||||||||||||||||
Distributions greater than (less than) equity in earnings of affiliates | 3,979 | 6,648 | 2,622 | 5,343 | 4,970 | 1,012 | ||||||||||||||||||
Previously capitalized interest charged to earnings during period | 12,610 | 18,061 | 18,757 | 29,401 | 26,954 | 20,385 | ||||||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | 49,279 | 14,932 | 40,700 | 34,728 | 24,391 | 42,152 | ||||||||||||||||||
Interest portion of rentals2 | 39,289 | 47,638 | 47,098 | 48,814 | 36,757 | 28,197 | ||||||||||||||||||
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Earnings before provision for taxes and fixed charges | $ | 1,356,723 | 1,532,208 | 1,231,597 | 1,176,942 | 1,196,179 | 2,400,850 | |||||||||||||||||
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Interest and expense on indebtedness, excluding capitalized interest | 49,279 | 14,932 | 40,700 | 34,728 | 24,391 | 42,152 | ||||||||||||||||||
Capitalized interest | 40,877 | 39,173 | 15,131 | 18,444 | 28,614 | 31,459 | ||||||||||||||||||
Interest portion of rentals2 | 39,289 | 47,638 | 47,098 | 48,814 | 36,757 | 28,197 | ||||||||||||||||||
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Total fixed charges | $ | 129,445 | 101,743 | 102,929 | 101,986 | 89,762 | 101,808 | |||||||||||||||||
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Ratio of earnings to fixed charges | 10.5 | 15.1 | 12.0 | 11.5 | 13.3 | 23.6 |
1 | The ratio of earnings to fixed charges for all prior years have been adjusted to reflect the Company’s exploration and production operations in the United Kingdom and retail marketing operations in the United States as discontinued operations. |
2 | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
Ex. 12-1