Chevron (CVX) 10-Q 2007 Q1 Quarterly report

Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months
	Ended			Year Ended December 31
	March 31, 2007			2006			2005			2004			2003			2002
	(Dollars in Millions)
Income from Continuing Operations	$	4,715		$	17,138		$	14,099		$	13,034		$	7,382		$	1,102
Income Tax Expense		2,845			14,838			11,098			7,517			5,294			2,998
Distributions (Less) Greater Than Equity in Earnings of Affiliates		(284	)		(979	)		(1,304	)		(1,422	)		(383	)		510
Minority Interest		28			70			96			85			80			57
Previously Capitalized Interest Charged to Earnings During Period		18			111			93			83			76			70
Interest and Debt Expense		74			451			482			406			474			565
Interest Portion of Rentals(1)		194			766			688			687			507			407
Earnings Before Provision for Taxes and Fixed Charges	$	7,590		$	32,395		$	25,252		$	20,390		$	13,430		$	5,709
Interest and Debt Expense(2)	$	74		$	451		$	482		$	406		$	474		$	565
Interest Portion of Rentals(1)		194			766			688			687			507			407
Preferred Stock Dividends of Subsidiaries		—			1			1			1			4			5
Capitalized Interest		62			157			60			44			75			67
Total Fixed Charges	$	330		$	1,375		$	1,231		$	1,138		$	1,060		$	1,044
Ratio Of Earnings To Fixed Charges		23.00			23.56			20.51			17.92			12.67			5.47

(1)	Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.
(2)	Does not include interest related to liabilities for uncertain tax positions. On the Consolidated Statement of Income, the Company reports interest and penalties related to liabilities for uncertain tax positions as “Income tax expense.”

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