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, ------------------------------------------- 1994 1993 1992(1) 1991 1990 1989 ----------- ------- ------- ------- ------- ------- Net Income before Cumulative Effect of Changes in Accounting Principles $ 388 $1,265 $2,210 $1,293 $2,157 $ 251 Income Tax Expense 329 1,389 1,508 1,302 2,387 1,322 Distributions (Less Than) Greater Than Equity in Earnings of Less Than 50% Owned Affiliates (4) 6 (9) (20) (6) (9) Minority Interest - (2) 2 2 6 3 Previously Capitalized Interest Charged to Earnings During Period 7 20 18 17 15 15 Interest and Debt Expense 93 390 490 585 707 718 Interest Portion of Rentals(2) 36 169 152 153 163 118 ------- ------- ------- ------- ------- ------- EARNINGS BEFORE PROVISION FOR TAXES AND FIXED CHARGES $ 849 $3,237 $4,371 $3,332 $5,429 $2,418 ======= ======= ======= ======= ======= ======= Interest and Debt Expense $ 93 $ 390 $ 490 $ 585 $ 707 $ 718 Interest Portion of Rentals(2) 36 169 152 153 163 118 Capitalized Interest 17 60 46 30 24 42 ------- ------- ------- ------- ------- ------- TOTAL FIXED CHARGES $ 146 $ 619 $ 688 $ 768 $ 894 $ 878 ======= ======= ======= ======= ======= ======= - - ------------------------------------------------------------------------------- RATIO OF EARNINGS TO FIXED CHARGES 5.82 5.23 6.35 4.34 6.07 2.75 - - ------------------------------------------------------------------------------- (1) The information for 1992 and subsequent periods reflects the company's adoption of the Financial Accounting Standards Board Statements No. 106, "Employers' Accounting for Postretirement Benefits Other than Pensions" and No. 109, "Accounting for Income Taxes," effective January 1, 1992. (2) Calculated as one-third of rentals.