EXHIBIT 12
CHEVRONTEXACO CORPORATION – TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Nine Months | ||||||||||||||||||||||||
Ended | Year Ended December 31, | |||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | 1997 | |||||||||||||||||||
(Dollars in Millions) | ||||||||||||||||||||||||
Net Income Before Extraordinary Items | $ | 228 | $ | 3,931 | $ | 7,727 | $ | 3,247 | $ | 1,917 | $ | 5,920 | ||||||||||||
Income Tax Expense | 2,332 | 4,360 | 6,322 | 2,565 | 919 | 3,273 | ||||||||||||||||||
Distributions Greater Than (Less Than) Equity in Earnings of Affiliates | 333 | (489 | ) | (26 | ) | (288 | ) | 49 | (908 | ) | ||||||||||||||
Minority Interest | 35 | 121 | 111 | 71 | 62 | 82 | ||||||||||||||||||
Previously Capitalized Interest Charged to Earnings During Period | 52 | 67 | 71 | 74 | 57 | 53 | ||||||||||||||||||
Interest and Debt Expense | 424 | 833 | 1,110 | 1,132 | 1,057 | 870 | ||||||||||||||||||
Interest Portion of Rentals* | 294 | 357 | 340 | 249 | 255 | 251 | ||||||||||||||||||
Earnings Before Provision for Taxes And Fixed Charges | $ | 3,698 | $ | 9,180 | $ | 15,655 | $ | 7,050 | $ | 4,316 | $ | 9,541 | ||||||||||||
Interest and Debt Expense | $ | 424 | $ | 833 | $ | 1,110 | $ | 1,132 | $ | 1,057 | $ | 870 | ||||||||||||
Interest Portion of Rentals* | 294 | 357 | 340 | 249 | 255 | 251 | ||||||||||||||||||
Preferred Stock Dividends of Subsidiaries | 4 | 48 | 50 | 55 | 33 | 33 | ||||||||||||||||||
Capitalized Interest | 53 | 122 | 108 | 38 | 63 | 109 | ||||||||||||||||||
Total Fixed Charges | $ | 775 | $ | 1,360 | $ | 1,608 | $ | 1,474 | $ | 1,408 | $ | 1,263 | ||||||||||||
Ratio Of Earnings To Fixed Charges | 4.77 | 6.75 | 9.74 | 4.78 | 3.07 | 7.55 |
* | Calculated as one-third of rentals. |
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