Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Three Months | ||||||||||||||||||||||||
Ended | Year Ended December 31 | |||||||||||||||||||||||
March 31, 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||||||
Income from Continuing Operations | $ | 5,168 | $ | 18,688 | $ | 17,138 | $ | 14,099 | $ | 13,034 | $ | 7,382 | ||||||||||||
Income Tax Expense | 4,509 | 13,479 | 14,838 | 11,098 | 7,517 | 5,294 | ||||||||||||||||||
Distributions Greater (Less) Than Equity in Earnings of Affiliates | 42 | (1,439 | ) | (979 | ) | (1,304 | ) | (1,422 | ) | (383 | ) | |||||||||||||
Minority Interest | 28 | 107 | 70 | 96 | 85 | 80 | ||||||||||||||||||
Previously Capitalized Interest Charged to Earnings During Period | 13 | 62 | 111 | 93 | 83 | 76 | ||||||||||||||||||
Interest and Debt Expense | — | 166 | 451 | 482 | 406 | 474 | ||||||||||||||||||
Interest Portion of Rentals(1) | 234 | 798 | 766 | 688 | 687 | 507 | ||||||||||||||||||
Earnings Before Provision for Taxes and Fixed Charges | $ | 9,994 | $ | 31,861 | $ | 32,395 | $ | 25,252 | $ | 20,390 | $ | 13,430 | ||||||||||||
Interest and Debt Expense(2) | — | $ | 166 | $ | 451 | $ | 482 | $ | 406 | $ | 474 | |||||||||||||
Interest Portion of Rentals(1) | 234 | 798 | 766 | 688 | 687 | 507 | ||||||||||||||||||
Preferred Stock Dividends of Subsidiaries | — | 1 | 1 | 1 | 1 | 4 | ||||||||||||||||||
Capitalized Interest | 86 | 302 | 157 | 60 | 44 | 75 | ||||||||||||||||||
Total Fixed Charges | $ | 320 | $ | 1,267 | $ | 1,375 | $ | 1,231 | $ | 1,138 | $ | 1,060 | ||||||||||||
Ratio of Earnings to Fixed Charges | 31.23 | 25.15 | 23.56 | 20.51 | 17.92 | 12.67 |
(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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