Chevron (CVX) 10-Q 2011 Q3 Quarterly report

Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine  Months Ended September 30, 2011				Year Ended December 31
					2010				2009				2008				2007				2006
	(Millions of dollars)
Net Income Attributable to Chevron Corporation		$	21,772			$	19,024			$	10,483			$	23,931			$	18,688			$	17,138
Income Tax Expense			15,813				12,919				7,965				19,026				13,479				14,838
Distributions More (Less) Than Equity in Earnings of Affiliates			(114	)			(501	)			(103	)			(440	)			(1,439	)			(979	)
Noncontrolling Interests			84				112				80				100				107				70
Previously Capitalized Interest Charged to Earnings During Period			76				240				261				91				62				111
Interest and Debt Expense			—				50				28				—				166				451
Interest Portion of Rentals(1)			598				781				715				983				798				766
Earnings Before Provision for Taxes and Fixed Charges		$	38,229			$	32,625			$	19,429			$	43,691			$	31,861			$	32,395
Interest and Debt Expense		$	—			$	50			$	28			$	—			$	166			$	451
Interest Portion of Rentals(1)			598				781				715				983				798				766
Preferred Stock Dividends of Subsidiaries			—				—				—				—				1				1
Capitalized Interest			227				267				273				256				302				157
Total Fixed Charges		$	825			$	1,098			$	1,016			$	1,239			$	1,267			$	1,375
Ratio of Earnings to Fixed Charges			46.34				29.71				19.12				35.26				25.15				23.56

(1) Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

47