Chevron (CVX) 10-Q 2006 Q2 Quarterly report

Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Six Months			Year Ended December 31
	Ended
	June 30, 2006			2005			2004			2003			2002		2001
	(Dollars in Millions)
Income from Continuing Operations	$	8,349		$	14,099		$	13,034		$	7,382		$	1,102	$	3,875
Income Tax Expense		7,672			11,098			7,517			5,294			2,998		4,310
Distributions (Less) Greater Than Equity in Earnings of Affiliates		(475	)		(1,304	)		(1,422	)		(383	)		510		(489	)
Minority Interest		48			96			85			80			57		121
Previously Capitalized Interest Charged to Earnings During Period		52			93			83			76			70		67
Interest and Debt Expense		255			482			406			474			565		833
Interest Portion of Rentals*		392			688			687			507			407		357
Earnings Before Provision for Taxes And Fixed Charges	$	16,293		$	25,252		$	20,390		$	13,430		$	5,709	$	9,074
Interest and Debt Expense	$	255		$	482		$	406		$	474		$	565	$	833
Interest Portion of Rentals*		392			688			687			507			407		357
Preferred Stock Dividends of Subsidiaries		1			1			1			4			5		48
Capitalized Interest		61			60			44			75			67		122
Total Fixed Charges	$	709		$	1,231		$	1,138		$	1,060		$	1,044	$	1,360
Ratio Of Earnings To Fixed Charges		22.98			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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