MURPHY OIL CORP - FORM 10-Q - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

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10-Q - FORM 10-Q - MURPHY OIL CORP	d10q.htm
EX-32 - CERTIFICATIONS PURSUANT TO 18 U.S.C. SECTION 1350 - MURPHY OIL CORP	dex32.htm
EX-31.2 - CERTIFICATION REQUIRED BY RULE 13A-14(A) PURSUANT TO SECTION 302 - MURPHY OIL CORP	dex312.htm
EX-31.1 - CERTIFICATION REQUIRED BY RULE 13A-14(A) PURSUANT TO SECTION 302 - MURPHY OIL CORP	dex311.htm
EXCEL - IDEA: XBRL DOCUMENT - MURPHY OIL CORP	Financial_Report.xls

EXHIBIT 12.1

Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of dollars)


	Three Months Ended March 31, 2010		Years Ended December 31,
	Three Months Ended March 31, 2010		2009	2008	2007	2006		2005
Income from continuing operations before income taxes	$	286,146	1,277,173	2,818,365	1,189,004	971,883		1,319,386
Distributions (less than) greater than equity in earnings of affiliates		1,611	4,970	1,012	294	(4,065	)	(5,514	)
Previously capitalized interest charged to earnings during period		8,796	28,275	21,898	14,585	11,741		15,564
Interest and expense on indebtedness, excluding capitalized interest		12,144	24,391	42,152	24,784	9,476		8,765
Interest portion of rentals*		7,836	28,501	29,174	13,554	14,021		9,397


Earnings before provision for taxes and fixed charges	$	316,533	1,363,310	2,912,601	1,242,221	1,003,056		1,347,598


Interest and expense on indebtedness, excluding capitalized interest		12,144	24,391	42,152	24,784	9,476		8,765
Capitalized interest		2,665	28,614	31,459	49,881	43,073		38,539
Interest portion of rentals*		7,836	28,501	29,174	13,554	14,021		9,397


Total fixed charges	$	22,645	81,506	102,785	88,219	66,570		56,701

Ratio of earnings to fixed charges		14.0	16.7	28.3	14.1	15.1		23.8

*	Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

Ex. 12-1

MURPHY OIL CORP - FORM 10-Q - EX-12.1 - COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES - May 7, 2010