Exhibit 12.1
CHEVRONTEXACO CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three Months | Year Ended December 31 | |||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| March 31, 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | |||||||||||||||||||
| (Dollars in Millions) | ||||||||||||||||||||||||
| Income from Continuing Operations | $ | 2,677 | $ | 13,034 | $ | 7,382 | $ | 1,102 | $ | 3,875 | $ | 7,638 | ||||||||||||
| Income Tax Expense | 2,230 | 7,517 | 5,294 | 2,998 | 4,310 | 6,237 | ||||||||||||||||||
| Distributions (Less) Greater Than Equity in Earnings of Affiliates | (210 | ) | (1,422 | ) | (383 | ) | 510 | (489 | ) | (26 | ) | |||||||||||||
| Minority Interest | 21 | 85 | 80 | 57 | 121 | 111 | ||||||||||||||||||
| Previously Capitalized Interest Charged to Earnings During Period | 22 | 83 | 76 | 70 | 67 | 71 | ||||||||||||||||||
| Interest and Debt Expense | 107 | 406 | 474 | 565 | 833 | 1,110 | ||||||||||||||||||
| Interest Portion of Rentals* | 173 | 687 | 507 | 407 | 357 | 340 | ||||||||||||||||||
| Earnings Before Provision for Taxes And Fixed Charges | $ | 5,020 | $ | 20,390 | $ | 13,430 | $ | 5,709 | $ | 9,074 | $ | 15,481 | ||||||||||||
| Interest and Debt Expense | $ | 107 | $ | 406 | $ | 474 | $ | 565 | $ | 833 | $ | 1,110 | ||||||||||||
| Interest Portion of Rentals* | 173 | 687 | 507 | 407 | 357 | 340 | ||||||||||||||||||
| Preferred Stock Dividends of Subsidiaries | — | 1 | 4 | 5 | 48 | 50 | ||||||||||||||||||
| Capitalized Interest | 2 | 64 | 75 | 67 | 122 | 108 | ||||||||||||||||||
| Total Fixed Charges | $ | 282 | $ | 1,158 | $ | 1,060 | $ | 1,044 | $ | 1,360 | $ | 1,608 | ||||||||||||
Ratio Of Earnings To Fixed Charges | 17.80 | 17.61 | 12.67 | 5.47 | 6.67 | 9.63 | ||||||||||||||||||
| * | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
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