EX-12 2 mur-20171231xex12.htm EX-12

EXHIBIT 12

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Murphy Oil Corporation and Consolidated Subsidiaries

Computation of Ratio of Earnings to Fixed Charges (unaudited)

(Thousands of dollars)

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﻿ |  |  |  |  |  |  |  |  |  |  |
﻿ | Years Ended December 31,
|  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013 |
Income (loss) from continuing operations before income taxes | $ | 71,802 |  | (493,115) |  | (3,282,262) |  | 1,252,270 |  | 1,472,687 |
Distributions greater than equity in earnings of affiliates |  | 2,058 |  | 6,034 |  | 4,104 |  | 4,962 |  | 5,204 |
Previously capitalized interest charged to earnings during period |  | 11,106 |  | 14,444 |  | 27,201 |  | 19,760 |  | 16,896 |
Interest and expense on indebtedness, excluding capitalized interest |  | 181,783 |  | 148,170 |  | 117,375 |  | 115,819 |  | 71,900 |
Interest portion of rentals(1) |  | 30,317 |  | 22,003 |  | 26,932 |  | 46,528 |  | 44,478 |
Earnings (loss) before provision for taxes and fixed charges | $ | 297,066 |  | (302,464) |  | (3,106,650) |  | 1,439,339 |  | 1,611,165 |
Interest and expense on indebtedness, excluding capitalized interest |  | 181,783 |  | 148,170 |  | 117,375 |  | 115,819 |  | 71,900 |
Capitalized interest |  | 4,488 |  | 4,322 |  | 7,290 |  | 20,605 |  | 52,523 |
Interest portion of rentals(1) |  | 30,317 |  | 22,003 |  | 26,932 |  | 46,528 |  | 44,478 |
Total fixed charges | $ | 216,588 |  | 174,495 |  | 151,597 |  | 182,952 |  | 168,901 |
Ratio of earnings to fixed charges |  | 1.4 |  | – | (2) | – | (2) | 7.9 |  | 9.5 |

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(1)Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

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(2)Earnings for the year s ended December 31, 2016 and 2015 were inadequate to cover fixed charges by $476,959 and $3,258,247, respectively.

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Ex. 12