Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months | ||||||||||||||||||||||||
Ended | Year Ended December 31 | |||||||||||||||||||||||
March 31, 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
(Millions of dollars) | ||||||||||||||||||||||||
Net Income Attributable to Chevron Corporation | $ 6,211 | $19,024 | $10,483 | $23,931 | $18,688 | $17,138 | ||||||||||||||||||
Income Tax Expense | 4,883 | 12,919 | 7,965 | 19,026 | 13,479 | 14,838 | ||||||||||||||||||
Distributions More (Less) Than Equity in Earnings of Affiliates | 201 | (501 | ) | (103 | ) | (440 | ) | (1,439 | ) | (979 | ) | |||||||||||||
Noncontrolling Interests | 28 | 112 | 80 | 100 | 107 | 70 | ||||||||||||||||||
Previously Capitalized Interest Charged to Earnings During Period | 3 | 240 | 261 | 91 | 62 | 111 | ||||||||||||||||||
Interest and Debt Expense | — | 50 | 28 | — | 166 | 451 | ||||||||||||||||||
Interest Portion of Rentals(1) | 195 | 781 | 715 | 983 | 798 | 766 | ||||||||||||||||||
Earnings Before Provision for Taxes and Fixed Charges | $11,521 | $32,625 | $19,429 | $43,691 | $31,861 | $32,395 | ||||||||||||||||||
Interest and Debt Expense | $ — | $ 50 | $ 28 | $ — | $ 166 | $ 451 | ||||||||||||||||||
Interest Portion of Rentals(1) | 195 | 781 | 715 | 983 | 798 | 766 | ||||||||||||||||||
Preferred Stock Dividends of Subsidiaries | — | — | — | — | 1 | 1 | ||||||||||||||||||
Capitalized Interest | 78 | 267 | 273 | 256 | 302 | 157 | ||||||||||||||||||
Total Fixed Charges | $ 273 | $ 1,098 | $ 1,016 | $ 1,239 | $ 1,267 | $ 1,375 | ||||||||||||||||||
Ratio of Earnings to Fixed Charges | 42.20 | 29.71 | 19.12 | 35.26 | 25.15 | 23.56 |
(1) | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
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