Chevron (CVX) 10-Q 2016 Q3 Quarterly report

Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine Months Ended			Year Ended December 31
	September 30, 2016			2015			2014			2013			2012
	(Millions of dollars)
Net Income (Loss) Attributable to Chevron Corporation	$	(912	)	$	4,587		$	19,241		$	21,423		$	26,179
Income Tax Expense (Benefit)	(1,803		)	132			11,892			14,308			19,996
Distributions Less Than Equity in Earnings of Affiliates	(708		)	(760		)	(2,202		)	(1,178		)	(1,351		)
Noncontrolling Interests	43			123			69			174			157
Previously Capitalized Interest Charged to Earnings During Period	64			120			100			96			123
Interest and Debt Expense	143			—			—			—			—
Interest Portion of Rentals (1)	215			345			356			342			316
Earnings Before Provision for Taxes and Fixed Charges	$	(2,958	)	$	4,547		$	29,456		$	35,165		$	45,420
Interest and Debt Expense	143			—			—			—			—
Interest Portion of Rentals (1)	215			345			356			342			316
Preferred Stock Dividends of Subsidiaries	—			—			—			—			—
Capitalized Interest	401			495			358			284			230
Total Fixed Charges	$	759		$	840		$	714		$	626		$	546
Ratio of Earnings to Fixed Charges (2)	—			5.41			41.25			56.17			83.19
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(1)	Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.
(2)	The ratio coverage through September 30, 2016 was less than 1. Additional earnings of $3.7 billion would have been required to achieve a coverage of 1.

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