EXHIBIT 12
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, 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Income from continuing operations before income taxes | $ | 638,774 | 1,472,687 | 1,368,010 | 1,167,875 | 1,115,639 | 1,124,587 | |||||||||||||||||
Distributions greater than equity in earnings of affiliates | 2,409 | 5,204 | 6,648 | 2,622 | 5,343 | 4,970 | ||||||||||||||||||
Previously capitalized interest charged to earnings during period | 8,413 | 16,896 | 18,061 | 18,757 | 29,401 | 26,954 | ||||||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | 52,734 | 71,900 | 14,932 | 40,700 | 34,728 | 24,391 | ||||||||||||||||||
Interest portion of rentals* | 31,684 | 44,478 | 42,103 | 42,235 | 44,122 | 32,563 | ||||||||||||||||||
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Earnings before provision for taxes and fixed charges | $ | 734,014 | 1,611,165 | 1,449,754 | 1,272,189 | 1,229,233 | 1,213,465 | |||||||||||||||||
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Interest and expense on indebtedness, excluding capitalized interest | 52,734 | 71,900 | 14,932 | 40,700 | 34,728 | 24,391 | ||||||||||||||||||
Capitalized interest | 13,921 | 52,523 | 39,173 | 15,131 | 18,444 | 28,614 | ||||||||||||||||||
Interest portion of rentals* | 31,684 | 44,478 | 42,103 | 42,235 | 44,122 | 32,563 | ||||||||||||||||||
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Total fixed charges | $ | 98,339 | 168,901 | 96,208 | 98,066 | 97,294 | 85,568 | |||||||||||||||||
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Ratio of earnings to fixed charges | 7.5 | 9.5 | 15.1 | 13.0 | 12.6 | 14.2 |
* | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
Ex. 12-1