Chevron (CVX) 10-K 2003 FY Annual report

Exhibit 12.1

ChevronTexaco Corporation — Total Enterprise Basis

Computation of Ratio of Earnings to Fixed Charges

(Dollars in Millions)

	Year Ended December 31
	2003			2002		2001			2000			1999
Net Income Before Extraordinary Item and Cumulative Effect of Changes in Accounting Principles	$	7,426		$	1,132	$	3,931		$	7,727		$	3,247
Income Tax Expense		5,344			3,024		4,360			6,322			2,565
Distributions (Less) Greater Than Equity in Earnings of Affiliates		(383	)		510		(489	)		(26	)		(288	)
Minority Interest		80			57		121			111			71
Previously Capitalized Interest Charged to Earnings During Period		76			70		67			71			74
Interest and Debt Expense		474			565		833			1,110			1,132
Interest Portion of Rentals*		507			407		357			340			249
Earnings Before Provision for Taxes and Fixed Charges	$	13,524		$	5,765	$	9,180		$	15,655		$	7,050
Interest and Debt Expense	$	474		$	565	$	833		$	1,110		$	1,132
Interest Portion of Rentals*		507			407		357			340			249
Preferred Stock Dividends of Subsidiaries		4			5		48			50			55
Capitalized Interest		75			67		122			108			38
Total Fixed Charges	$	1,060		$	1,044	$	1,360		$	1,608		$	1,474
Ratio of Earnings to Fixed Charges		12.76			5.52		6.75			9.74			4.78

* Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

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