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, 1997 1996 1995 1994 1993 1992 -------------- ------ ------ ------ ------ ------ Net Income before Cumulative Effect of Changes in Accounting Principles (1) $ 831 $2,607 $ 930 $1,693 $1,265 $2,210 Income Tax Expense 695 2,624 1,094 1,322 1,389 1,508 Distributions Greater Than (Less Than) Equity in Earnings of Less Than 50 Percesnt Owned Affiliates 2 29 (5) (3) 6 (9) Minority Interest 3 4 0 3 (2) 2 Previously Capitalized Interest Charged to Earnings During Period 7 24 47 32 20 18 Interest and Debt Expense 118 471 557 453 390 490 Interest Portion of Rentals (2) 37 158 148 156 169 152 ------ ------ ------ ------ ------ ------ Earnings before Provisions for Taxes and Fixed Charges $1,693 $5,917 $2,771 $3,656 $3,237 $4,371 ------ ------ ------ ------ ------ ------ Interest and Debt Expense $ 118 $ 471 $ 557 $ 453 $ 390 $ 490 Interest Portion of Rentals (2) 37 158 148 156 169 152 Capitalized Interest 25 108 141 80 60 46 ------ ------ ------ ------ ------ ------ Total Fixed Charges $ 180 $ 737 $ 846 $ 689 $ 619 $ 688 ------ ------ ------ ------ ------ ------ - ------------------------------------------------------------------------------ Ratio of Earnings to Fixed Charges 9.41 8.03 3.28 5.31 5.23 6.35 - ------------------------------------------------------------------------------ (1) The information for 1995 and thereafter reflects the company's adoption of the Financial Accounting Standards Board Statement No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed Of." (2) Calculated as one-third of rentals. -17-