Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months Ended September 30, 2012 | Year Ended December 31 | ||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Net Income Attributable to Chevron Corporation | $ | 18,934 | $ | 26,895 | $ | 19,024 | $ | 10,483 | $ | 23,931 | $ | 18,688 | |||||||||||
Income Tax Expense | 15,317 | 20,626 | 12,919 | 7,965 | 19,026 | 13,479 | |||||||||||||||||
Distributions Less Than Equity in Earnings of Affiliates | (1,151 | ) | (570 | ) | (501 | ) | (103 | ) | (440 | ) | (1,439 | ) | |||||||||||
Noncontrolling Interests | 105 | 113 | 112 | 80 | 100 | 107 | |||||||||||||||||
Previously Capitalized Interest Charged to Earnings During Period | 95 | 117 | 240 | 261 | 91 | 62 | |||||||||||||||||
Interest and Debt Expense | — | — | 50 | 28 | — | 166 | |||||||||||||||||
Interest Portion of Rentals (1) | 243 | 288 | 300 | 299 | 274 | 293 | |||||||||||||||||
Earnings Before Provision for Taxes and Fixed Charges | $ | 33,543 | $ | 47,469 | $ | 32,144 | $ | 19,013 | $ | 42,982 | $ | 31,356 | |||||||||||
Interest and Debt Expense | — | — | 50 | 28 | — | 166 | |||||||||||||||||
Interest Portion of Rentals (1) | 243 | 288 | 300 | 299 | 274 | 293 | |||||||||||||||||
Preferred Stock Dividends of Subsidiaries | — | — | — | — | — | 1 | |||||||||||||||||
Capitalized Interest | 176 | 288 | 267 | 273 | 256 | 302 | |||||||||||||||||
Total Fixed Charges | $ | 419 | $ | 576 | $ | 617 | $ | 600 | $ | 530 | $ | 762 | |||||||||||
Ratio of Earnings to Fixed Charges | 80.05 | 82.41 | 52.10 | 31.69 | 81.10 | 41.15 |
(1) | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
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