Chevron (CVX) 10-Q 2015 Q1 Quarterly report

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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