Chevron (CVX) 10-Q 2015 Q2 Quarterly report

Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Six Months Ended June 30, 2015			Year Ended December 31
				2014			2013			2012			2011
	(Millions of dollars)
Net Income Attributable to Chevron Corporation	$	3,138		$	19,241		$	21,423		$	26,179		$	26,895
Income Tax Expense	1,060			11,892			14,308			19,996			20,626
Distributions Less Than Equity in Earnings of Affiliates	(183		)	(2,202		)	(1,178		)	(1,351		)	(570		)
Noncontrolling Interests	70			69			174			157			113
Previously Capitalized Interest Charged to Earnings During Period	61			100			96			123			117
Interest and Debt Expense	—			—			—			—			—
Interest Portion of Rentals (1)	176			356			342			316			288
Earnings Before Provision for Taxes and Fixed Charges	$	4,322		$	29,456		$	35,165		$	45,420		$	47,469
Interest and Debt Expense	—			—			—			—			—
Interest Portion of Rentals (1)	176			356			342			316			288
Preferred Stock Dividends of Subsidiaries	—			—			—			—			—
Capitalized Interest	229			358			284			230			288
Total Fixed Charges	$	405		$	714		$	626		$	546		$	576
Ratio of Earnings to Fixed Charges	10.67			41.25			56.17			83.19			82.41
____________

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

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