Chevron (CVX) 10-Q 2014 Q2 Quarterly report

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
____________

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

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