Chevron (CVX) 10-Q 2010 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, 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.

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