Exhibit 12.1
ChevronTexaco Corporation – Total Enterprise Basis
Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions)
Three Months | |||||||||||||||||||||||||
Ended | Year Ended December 31, | ||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | 1997 | ||||||||||||||||||||
Net Income Before Extraordinary Item | $ | 725 | $ | 3,931 | $ | 7,727 | $ | 3,247 | $ | 1,917 | $ | 5,920 | |||||||||||||
Income Tax Expense | 590 | 4,360 | 6,322 | 2,565 | 919 | 3,273 | |||||||||||||||||||
Distributions (Less Than) Greater Than Equity in Earnings of Affiliates | (51 | ) | (489 | ) | (26 | ) | (288 | ) | 49 | (908 | ) | ||||||||||||||
Minority Interest | 12 | 121 | 111 | 71 | 62 | 82 | |||||||||||||||||||
Previously Capitalized Interest Charged to Earnings During Period | 18 | 67 | 71 | 74 | 57 | 53 | |||||||||||||||||||
Interest and Debt Expense | 147 | 833 | 1,110 | 1,132 | 1,057 | 870 | |||||||||||||||||||
Interest Portion of Rentals* | 99 | 357 | 340 | 249 | 255 | 251 | |||||||||||||||||||
Earnings Before Provision for | |||||||||||||||||||||||||
Taxes And Fixed Charges | $ | 1,540 | $ | 9,180 | $ | 15,655 | $ | 7,050 | $ | 4,316 | $ | 9,541 | |||||||||||||
Interest and Debt Expense | $ | 147 | $ | 833 | $ | 1,110 | $ | 1,132 | $ | 1,057 | $ | 870 | |||||||||||||
Interest Portion of Rentals* | 99 | 357 | 340 | 249 | 255 | 251 | |||||||||||||||||||
Preferred Stock Dividends of Subsidiaries | 2 | 48 | 50 | 55 | 33 | 33 | |||||||||||||||||||
Capitalized Interest | 16 | 122 | 108 | 38 | 63 | 109 | |||||||||||||||||||
Total Fixed Charges | $ | 264 | $ | 1,360 | $ | 1,608 | $ | 1,474 | $ | 1,408 | $ | 1,263 | |||||||||||||
Ratio Of Earnings To Fixed Charges | 5.83 | 6.75 | 9.74 | 4.78 | 3.07 | 7.55 |
* | Calculated as one-third of rentals. |
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