Exhibit 12.1
CHEVRONTEXACO CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Three Months | Year Ended December 31, | |||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| March 31, 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | |||||||||||||||||||
| (Dollars in Millions) | ||||||||||||||||||||||||
| Income from Continuing Operations | $ | 2,528 | $ | 7,330 | $ | 1,048 | $ | 3,795 | $ | 7,573 | $ | 3,145 | ||||||||||||
| Income Tax Expense | 1,710 | 5,274 | 2,964 | 4,263 | 6,212 | 2,493 | ||||||||||||||||||
| Distributions (Less) Greater Than Equity in Earnings of Affiliates | (299 | ) | (383 | ) | 510 | (489 | ) | (26 | ) | (288 | ) | |||||||||||||
| Minority Interest | 22 | 80 | 57 | 121 | 111 | 71 | ||||||||||||||||||
| Previously Capitalized Interest Charged to Earnings During Period | 20 | 76 | 70 | 67 | 71 | 74 | ||||||||||||||||||
| Interest and Debt Expense | 93 | 474 | 565 | 833 | 1,110 | 1,132 | ||||||||||||||||||
| Interest Portion of Rentals* | 164 | 507 | 407 | 357 | 340 | 249 | ||||||||||||||||||
| Earnings Before Provision for Taxes And Fixed Charges | $ | 4,238 | $ | 13,358 | $ | 5,621 | $ | 8,947 | $ | 15,391 | $ | 6,876 | ||||||||||||
| Interest and Debt Expense | $ | 93 | $ | 474 | $ | 565 | $ | 833 | $ | 1,110 | $ | 1,132 | ||||||||||||
| Interest Portion of Rentals* | 164 | 507 | 407 | 357 | 340 | 249 | ||||||||||||||||||
| Preferred Stock Dividends of Subsidiaries | — | 4 | 5 | 48 | 50 | 55 | ||||||||||||||||||
| Capitalized Interest | 25 | 75 | 67 | 122 | 108 | 38 | ||||||||||||||||||
| Total Fixed Charges | $ | 282 | $ | 1,060 | $ | 1,044 | $ | 1,360 | $ | 1,608 | $ | 1,474 | ||||||||||||
Ratio Of Earnings To Fixed Charges | 15.03 | 12.60 | 5.38 | 6.58 | 9.57 | 4.66 | ||||||||||||||||||
| * | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
43