Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months | ||||||||||||||||||||||||
Ended | Year Ended December 31 | |||||||||||||||||||||||
June 30, 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||||||
Income from Continuing Operations | $ | 10,095 | $ | 17,138 | $ | 14,099 | $ | 13,034 | $ | 7,382 | $ | 1,102 | ||||||||||||
Income Tax Expense | 6,527 | 14,838 | 11,098 | 7,517 | 5,294 | 2,998 | ||||||||||||||||||
Distributions (Less) Greater Than Equity in Earnings of Affiliates | (507 | ) | (979 | ) | (1,304 | ) | (1,422 | ) | (383 | ) | 510 | |||||||||||||
Minority Interest | 47 | 70 | 96 | 85 | 80 | 57 | ||||||||||||||||||
Previously Capitalized Interest Charged to Earnings During Period | 37 | 111 | 93 | 83 | 76 | 70 | ||||||||||||||||||
Interest and Debt Expense | 137 | 451 | 482 | 406 | 474 | 565 | ||||||||||||||||||
Interest Portion of Rentals* | 388 | 766 | 688 | 687 | 507 | 407 | ||||||||||||||||||
Earnings Before Provision for Taxes and Fixed Charges | $ | 16,724 | $ | 32,395 | $ | 25,252 | $ | 20,390 | $ | 13,430 | $ | 5,709 | ||||||||||||
Interest and Debt Expense | $ | 137 | $ | 451 | $ | 482 | $ | 406 | $ | 474 | $ | 565 | ||||||||||||
Interest Portion of Rentals* | 388 | 766 | 688 | 687 | 507 | 407 | ||||||||||||||||||
Preferred Stock Dividends of Subsidiaries | 1 | 1 | 1 | 1 | 4 | 5 | ||||||||||||||||||
Capitalized Interest | 135 | 157 | 60 | 44 | 75 | 67 | ||||||||||||||||||
Total Fixed Charges | $ | 661 | $ | 1,375 | $ | 1,231 | $ | 1,138 | $ | 1,060 | $ | 1,044 | ||||||||||||
Ratio of Earnings to Fixed Charges | 25.30 | 23.56 | 20.51 | 17.92 | 12.67 | 5.47 |
* | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
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