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, ------------------------------------------
1995 1994 1993 1992 1991 1990
------------- ------ ------- ------- ------- -------
Net Income before
Cumulative Effect of
Changes in Accounting
Principles (1) $459 $1,693 $1,265 $2,210 $1,293 $2,157
Income Tax Expense 336 1,322 1,389 1,508 1,302 2,387
Distributions Greater
Than (Less Than) Equity
in Earnings of Less
Than 50% Owned
Affiliates 3 (3) 6 (9) (20) (6)
Minority Interest - 3 (2) 2 2 6
Previously Capitalized
Interest Charged to
Earnings During Period 8 32 20 18 17 15
Interest and Debt Expense 149 453 390 490 585 707
Interest Portion of
Rentals (2) 37 156 169 152 153 163
------- ------- ------- ------- ------- -------
EARNINGS BEFORE PROVISION
FOR TAXES AND
FIXED CHARGES $992 $3,656 $3,237 $4,371 $3,332 $5,429
======= ======= ======= ======= ======= =======
Interest and Debt Expense $149 $ 453 $ 390 $ 490 $ 585 $ 707
Interest Portion of
Rentals(2) 37 156 169 152 153 163
Capitalized Interest 32 80 60 46 30 24
------- ------- ------- ------- ------- -------
TOTAL FIXED CHARGES $218 $ 689 $ 619 $ 688 $ 768 $ 894
======= ======= ======= ======= ======= =======
- -------------------------------------------------------------------------------
RATIO OF EARNINGS
TO FIXED CHARGES 4.55 5.31 5.23 6.35 4.34 6.07
- -------------------------------------------------------------------------------
(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.