Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months | ||||||||||||||||||||||||
Ended | Year Ended December 31 | |||||||||||||||||||||||
September 30, 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||
Net Income Attributable to Chevron Corporation | $13,729 | $10,483 | $23,931 | $18,688 | $17,138 | $14,099 | ||||||||||||||||||
Income Tax Expense | 9,473 | 7,965 | 19,026 | 13,479 | 14,838 | 11,098 | ||||||||||||||||||
Distributions Less Than Equity in Earnings of Affiliates | (153 | ) | (103 | ) | (440 | ) | (1,439 | ) | (979 | ) | (1,304 | ) | ||||||||||||
Noncontrolling Interests | 87 | 80 | 100 | 107 | 70 | 96 | ||||||||||||||||||
Previously Capitalized Interest Charged to Earnings During Period | 175 | 261 | 91 | 62 | 111 | 93 | ||||||||||||||||||
Interest and Debt Expense(1) | 46 | 28 | — | 166 | 451 | 482 | ||||||||||||||||||
Interest Portion of Rentals(2) | 594 | 715 | 983 | 798 | 766 | 688 | ||||||||||||||||||
Earnings Before Provision for Taxes and Fixed Charges | $23,951 | $19,429 | $43,691 | $31,861 | $32,395 | $25,252 | ||||||||||||||||||
Interest and Debt Expense(1) | $ 46 | $ 28 | $ — | $ 166 | $ 451 | $ 482 | ||||||||||||||||||
Interest Portion of Rentals(2) | 594 | 715 | 983 | 798 | 766 | 688 | ||||||||||||||||||
Preferred Stock Dividends of Subsidiaries | — | — | — | 1 | 1 | 1 | ||||||||||||||||||
Capitalized Interest | 186 | 273 | 256 | 302 | 157 | 60 | ||||||||||||||||||
Total Fixed Charges | $ 826 | $ 1,016 | $ 1,239 | $ 1,267 | $ 1,375 | $ 1,231 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | 29.00 | 19.12 | 35.26 | 25.15 | 23.56 | 20.51 |
(1) | Does not include interest related to liabilities for uncertain tax positions. On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income Tax Expense.” | |
(2) | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
49