Exhibit 12 CHEVRON CORPORATION - TOTAL ENTERPRISE BASIS COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Dollars in Millions) Three Months Ended Year Ended December 31, ----------------------------------------------------- March 31, 2001 2000 1999 1998 1997 1996 -------------- --------- --------- --------- --------- --------- Net Income $1,600 $5,185 $2,070 $1,339 $3,256 $2,607 Income Tax Expense 1,048 4,085 1,578 495 2,246 2,133 Distributions (Less Than) Greater Than Equity in Earnings of Affiliates (14) (154) (258) 25 (353) 83 Minority Interest 1 6 4 7 11 4 Previously Capitalized Interest Charged to Earnings During Period 11 48 59 35 28 24 Interest and Debt Expense 87 460 472 405 312 364 Interest Portion of Rentals* 68 246 160 172 151 143 --------- --------- --------- --------- --------- --------- Earnings Before Provision for Taxes And Fixed Charges $2,801 $9,876 $4,085 $2,478 $5,651 $5,358 ========= ========= ========= ========= ========= ========= Interest and Debt Expense $87 $ 460 $ 472 $ 405 $ 312 $ 364 Interest Portion of Rentals* 68 246 160 172 151 143 Capitalized Interest 14 32 9 39 82 108 --------- --------- --------- --------- --------- --------- Total Fixed Charges $ 169 $ 738 $ 641 $ 616 $ 545 $ 615 ========= ========= ========= ========= ========= ========= ======================================================================= Ratio Of Earnings To Fixed Charges 16.57 13.38 6.37 4.02 10.37 8.71 ======================================================================= <FN> * Calculated as one-third of rentals. </FN> -26-