Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended June 30, 2014 | Year Ended December 31 | ||||||||||||||||||
2013 | 2012 | 2011 | 2010 | ||||||||||||||||
(Millions of dollars) | |||||||||||||||||||
Net Income Attributable to Chevron Corporation | $ | 10,177 | $ | 21,423 | $ | 26,179 | $ | 26,895 | $ | 19,024 | |||||||||
Income Tax Expense | 6,744 | 14,308 | 19,996 | 20,626 | 12,919 | ||||||||||||||
Distributions Less Than Equity in Earnings of Affiliates | (839 | ) | (1,178 | ) | (1,351 | ) | (570 | ) | (501 | ) | |||||||||
Noncontrolling Interests | 34 | 174 | 157 | 113 | 112 | ||||||||||||||
Previously Capitalized Interest Charged to Earnings During Period | 60 | 96 | 123 | 117 | 240 | ||||||||||||||
Interest and Debt Expense | — | — | — | — | 50 | ||||||||||||||
Interest Portion of Rentals (1) | 169 | 342 | 316 | 288 | 300 | ||||||||||||||
Earnings Before Provision for Taxes and Fixed Charges | $ | 16,345 | $ | 35,165 | $ | 45,420 | $ | 47,469 | $ | 32,144 | |||||||||
Interest and Debt Expense | — | — | — | — | 50 | ||||||||||||||
Interest Portion of Rentals (1) | 169 | 342 | 316 | 288 | 300 | ||||||||||||||
Preferred Stock Dividends of Subsidiaries | — | — | — | — | — | ||||||||||||||
Capitalized Interest | 177 | 284 | 230 | 288 | 267 | ||||||||||||||
Total Fixed Charges | $ | 346 | $ | 626 | $ | 546 | $ | 576 | $ | 617 | |||||||||
Ratio of Earnings to Fixed Charges | 47.24 | 56.17 | 83.19 | 82.41 | 52.10 | ||||||||||||||
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(1) | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
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