Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months Ended | Year Ended December 31 | ||||||||||||||||||
March 31, 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(Millions of dollars) | |||||||||||||||||||
Net Income Attributable to Chevron Corporation | $ | 2,567 | $ | 19,241 | $ | 21,423 | $ | 26,179 | $ | 26,895 | |||||||||
Income Tax Expense | 305 | 11,892 | 14,308 | 19,996 | 20,626 | ||||||||||||||
Distributions Less Than Equity in Earnings of Affiliates | (1,208 | ) | (2,202 | ) | (1,178 | ) | (1,351 | ) | (570 | ) | |||||||||
Noncontrolling Interests | 33 | 69 | 174 | 157 | 113 | ||||||||||||||
Previously Capitalized Interest Charged to Earnings During Period | 32 | 100 | 96 | 123 | 117 | ||||||||||||||
Interest and Debt Expense | — | — | — | — | — | ||||||||||||||
Interest Portion of Rentals (1) | 83 | 356 | 342 | 316 | 288 | ||||||||||||||
Earnings Before Provision for Taxes and Fixed Charges | $ | 1,812 | $ | 29,456 | $ | 35,165 | $ | 45,420 | $ | 47,469 | |||||||||
Interest and Debt Expense | — | — | — | — | — | ||||||||||||||
Interest Portion of Rentals (1) | 83 | 356 | 342 | 316 | 288 | ||||||||||||||
Preferred Stock Dividends of Subsidiaries | — | — | — | — | — | ||||||||||||||
Capitalized Interest | 107 | 358 | 284 | 230 | 288 | ||||||||||||||
Total Fixed Charges | $ | 190 | $ | 714 | $ | 626 | $ | 546 | $ | 576 | |||||||||
Ratio of Earnings to Fixed Charges | 9.54 | 41.25 | 56.17 | 83.19 | 82.41 | ||||||||||||||
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(1) | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
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