Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three Months | Year Ended December 31 | |||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| March 31, 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
| (Dollars in Millions) | ||||||||||||||||||||||||
| Income from Continuing Operations | $ | 3,996 | $ | 14,099 | $ | 13,034 | $ | 7,382 | $ | 1,102 | $ | 3,875 | ||||||||||||
| Income Tax Expense | 3,646 | 11,098 | 7,517 | 5,294 | 2,998 | 4,310 | ||||||||||||||||||
| Distributions (Less) Greater Than Equity in Earnings of Affiliates | (48 | ) | (1,304 | ) | (1,422 | ) | (383 | ) | 510 | (489 | ) | |||||||||||||
| Minority Interest | 26 | 96 | 85 | 80 | 57 | 121 | ||||||||||||||||||
| Previously Capitalized Interest Charged to Earnings During Period | 32 | 93 | 83 | 76 | 70 | 67 | ||||||||||||||||||
| Interest and Debt Expense | 134 | 482 | 406 | 474 | 565 | 833 | ||||||||||||||||||
| Interest Portion of Rentals* | 219 | 688 | 687 | 507 | 407 | 357 | ||||||||||||||||||
Earnings Before Provision for Taxes And Fixed Charges | $ | 8,005 | $ | 25,252 | $ | 20,390 | $ | 13,430 | $ | 5,709 | $ | 9,074 | ||||||||||||
| Interest and Debt Expense | $ | 134 | $ | 482 | $ | 406 | $ | 474 | $ | 565 | $ | 833 | ||||||||||||
| Interest Portion of Rentals* | 219 | 688 | 687 | 507 | 407 | 357 | ||||||||||||||||||
| Preferred Stock Dividends of Subsidiaries | — | 1 | 1 | 4 | 5 | 48 | ||||||||||||||||||
| Capitalized Interest | 26 | 60 | 44 | 75 | 67 | 122 | ||||||||||||||||||
| Total Fixed Charges | $ | 379 | $ | 1,231 | $ | 1,138 | $ | 1,060 | $ | 1,044 | $ | 1.360 | ||||||||||||
Ratio Of Earnings To Fixed Charges | 21.12 | 20.51 | 17.92 | 12.67 | 5.47 | 6.67 | ||||||||||||||||||
| * | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
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