Exhibit 12(b)
Murphy Oil Corporation and Consolidated Subsidiaries
Computation of Ratio of Earnings Before Special Items to Fixed Charges
(Thousands of dollars except for ratios)
Three Months Ended
March 31, Years Ended December 31,
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1999 1998 1998 1997 1996 1995 1994
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EARNINGS
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Income (loss) from continuing operations
before income taxes $(11,193) 24,810 (8,277) 211,650 216,355 (148,728) 127,710
Eliminate (gain) loss from special items before taxes 1,513 0 84,821 5,739 (31,046) 193,739 (21,034)
Deduct income from equity companies (117) (223) (772) (1,136) (1,286) (1,348) (1,129)
Add dividends from equity companies 66 88 757 1,572 1,235 1,267 1,224
Add fixed charges - detailed below 6,587 4,658 21,383 15,647 15,650 16,717 15,252
Add amortization of capitalized interest 686 413 2,172 1,333 1,500 2,982 2,159
Deduct interest capitalized (1,145) (2,550) (7,606) (12,096) (10,202) (9,015) (9,842)
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Adjusted earnings (loss) before special items $ (3,603) 27,196 92,478 222,709 192,206 55,614 114,340
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FIXED CHARGES
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Interest expense (includes amortization of debt
expense and discount or premium related to
indebtedness) $ 5,616 3,876 18,090 12,717 13,120 14,428 12,398
Less interest expense treated as special item (251)
Add estimated interest portion of rent expense 971 782 3,293 2,930 2,530 2,540 2,854
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Fixed charges before special items $ 6,587 4,658 21,383 15,647 15,650 16,717 15,252
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RATIO OF EARNINGS TO FIXED CHARGES 0.0 5.8 4.3 14.2 12.3 3.3 7.5
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DEFICIENCY (LESS THAN ONE-TO-ONE
COVERAGE) $(10,190)
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