Exhibit 12.1
CHEVRON CORPORATION - TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES(1)
(Dollars in Millions)
Year Ended December 31,
-----------------------------------------------------
2000 1999 1998 1997 1996
--------- --------- --------- --------- ---------
Net Income $5,185 $2,070 $1,339 $3,256 $2,607
Income Tax Expense 4,085 1,578 495 2,246 2,133
Distributions (Less Than) Greater Than
Equity in Earnings of Affiliates (154) (258) 25 (353) 83
Minority Interest 6 4 7 11 4
Previously Capitalized Interest
Charged to Earnings During Period 48 59 35 28 24
Interest and Debt Expense 460 472 405 312 364
Interest Portion of Rentals(2) 246 160 172 151 143
--------- --------- --------- --------- ---------
Earnings Before Provision for
Taxes And Fixed Charges $9,876 $4,085 $2,478 $5,651 $5,358
========= ========= ========= ========= =========
Interest and Debt Expense $ 460 $ 472 $ 405 $ 312 $ 364
Interest Portion of Rentals(2) 246 160 172 151 143
Capitalized Interest 32 9 39 82 108
--------- --------- --------- --------- ---------
Total Fixed Charges $ 738 $ 641 $ 616 $ 545 $ 615
========= ========= ========= ========= =========
=====================================================
Ratio Of Earnings To Fixed Charges 13.38 6.37 4.02 10.37 8.71
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<FN>
(1) Presentation of 1999 and prior years revised to conform to methodology for
calculating Earnings and Fixed Charges prescribed by Item 503 of Regulation S-K, amended in 1998.
(2) Calculated as one-third of rentals.
</FN>
E-1