Exhibit 12.1
Chevron Corporation — Total Enterprise Basis
Computation of Ratio of Earnings to Fixed Charges
(Millions of dollars)
Year Ended December 31 | ||||||||||||||||||||
2007 | 2006 | 2005 | 2004 | 2003 | ||||||||||||||||
Income From Continuing Operations | $ | 18,688 | $ | 17,138 | $ | 14,099 | $ | 13,034 | $ | 7,382 | ||||||||||
Income Tax Expense | 13,479 | 14,838 | 11,098 | 7,517 | 5,294 | |||||||||||||||
Distributions (Less) Greater Than Equity in Earnings of Affiliates | (1,439 | ) | (979 | ) | (1,304 | ) | (1,422 | ) | (383 | ) | ||||||||||
Minority Interest | 107 | 70 | 96 | 85 | 80 | |||||||||||||||
Previously Capitalized Interest Charged to Earnings During Period | 62 | 111 | 93 | 83 | 76 | |||||||||||||||
Interest and Debt Expense | 166 | 451 | 482 | 406 | 474 | |||||||||||||||
Interest Portion of Rentals* | 798 | 766 | 688 | 687 | 507 | |||||||||||||||
Earnings Before Provision for Taxes and Fixed Charges | $ | 31,861 | $ | 32,395 | $ | 25,252 | $ | 20,390 | $ | 13,430 | ||||||||||
Interest and Debt Expense | $ | 166 | $ | 451 | $ | 482 | $ | 406 | $ | 474 | ||||||||||
Interest Portion of Rentals* | 798 | 766 | 688 | 687 | 507 | |||||||||||||||
Preferred Stock Dividends of Subsidiaries | 1 | 1 | 1 | 1 | 4 | |||||||||||||||
Capitalized Interest | 302 | 157 | 60 | 44 | 75 | |||||||||||||||
Total Fixed Charges | $ | 1,267 | $ | 1,375 | $ | 1,231 | $ | 1,138 | $ | 1,060 | ||||||||||
Ratio of Earnings to Fixed Charges | 25.15 | 23.56 | 20.51 | 17.92 | 12.67 |
* | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
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