Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended March 31, 2013 | Year Ended December 31 | ||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||||||
(Millions of dollars) | |||||||||||||||||||||||
Net Income Attributable to Chevron Corporation | $ | 6,178 | $ | 26,179 | $ | 26,895 | $ | 19,024 | $ | 10,483 | $ | 23,931 | |||||||||||
Income Tax Expense | 4,044 | 19,996 | 20,626 | 12,919 | 7,965 | 19,026 | |||||||||||||||||
Distributions Less Than Equity in Earnings of Affiliates | (578 | ) | (1,351 | ) | (570 | ) | (501 | ) | (103 | ) | (440 | ) | |||||||||||
Noncontrolling Interests | 61 | 157 | 113 | 112 | 80 | 100 | |||||||||||||||||
Previously Capitalized Interest Charged to Earnings During Period | 23 | 123 | 117 | 240 | 261 | 91 | |||||||||||||||||
Interest and Debt Expense | — | — | — | 50 | 28 | — | |||||||||||||||||
Interest Portion of Rentals (1) | 87 | 316 | 288 | 300 | 299 | 274 | |||||||||||||||||
Earnings Before Provision for Taxes and Fixed Charges | $ | 9,815 | $ | 45,420 | $ | 47,469 | $ | 32,144 | $ | 19,013 | $ | 42,982 | |||||||||||
Interest and Debt Expense | — | — | — | 50 | 28 | — | |||||||||||||||||
Interest Portion of Rentals (1) | 87 | 316 | 288 | 300 | 299 | 274 | |||||||||||||||||
Preferred Stock Dividends of Subsidiaries | — | — | — | — | — | — | |||||||||||||||||
Capitalized Interest | 56 | 230 | 288 | 267 | 273 | 256 | |||||||||||||||||
Total Fixed Charges | $ | 143 | $ | 546 | $ | 576 | $ | 617 | $ | 600 | $ | 530 | |||||||||||
Ratio of Earnings to Fixed Charges | 68.64 | 83.19 | 82.41 | 52.10 | 31.69 | 81.10 |
(1) | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
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