Exhibit 12.1
CHEVRONTEXACO CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Six Months | Year Ended December 31, | |||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| June 30, 2003 | 2002 | 2001 | 2000 | 1999 | 1998 | |||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||||||
| Net Income Before Cumulative Effect of Changes in Accounting Principles | $ | 3,716 | $ | 1,132 | $ | 3,931 | $ | 7,727 | $ | 3,247 | $ | 1,917 | ||||||||||||
| Income Tax Expense | 3,120 | 3,024 | 4,360 | 6,322 | 2,565 | 919 | ||||||||||||||||||
| Distributions (Less Than) Greater Than Equity in Earnings of Affiliates | (277 | ) | 374 | (489 | ) | (26 | ) | (288 | ) | 49 | ||||||||||||||
| Minority Interest | 42 | 57 | 121 | 111 | 71 | 62 | ||||||||||||||||||
| Previously Capitalized Interest Charged to Earnings During Period | 38 | 70 | 67 | 71 | 74 | 57 | ||||||||||||||||||
| Interest and Debt Expense | 248 | 565 | 833 | 1,110 | 1,132 | 1,057 | ||||||||||||||||||
| Interest Portion of Rentals* | 273 | 407 | 357 | 340 | 249 | 255 | ||||||||||||||||||
| Earnings Before Provision for Taxes And Fixed Charges | $ | 7,160 | $ | 5,629 | $ | 9,180 | $ | 15,655 | $ | 7,050 | $ | 4,316 | ||||||||||||
| Interest and Debt Expense | $ | 248 | $ | 565 | $ | 833 | $ | 1,110 | $ | 1,132 | $ | 1,057 | ||||||||||||
| Interest Portion of Rentals* | 273 | 407 | 357 | 340 | 249 | 255 | ||||||||||||||||||
| Preferred Stock Dividends of Subsidiaries | — | 5 | 48 | 50 | 55 | 33 | ||||||||||||||||||
| Capitalized Interest | 34 | 67 | 122 | 108 | 38 | 63 | ||||||||||||||||||
| Total Fixed Charges | $ | 555 | $ | 1,044 | $ | 1,360 | $ | 1,608 | $ | 1,474 | $ | 1,408 | ||||||||||||
Ratio Of Earnings To Fixed Charges | 12.90 | 5.39 | 6.75 | 9.74 | 4.78 | 3.07 | ||||||||||||||||||
| * | Calculated as one-third of rentals. |
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