Exhibit 12
CHEVRON CORPORATION - TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
Nine Months
Ended Year Ended December 31,
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September 30, 1997 1996 1995 1994 1993 1992
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Net Income before Cumulative
Effect of Changes in
Accounting Principles (1) $2,381 $2,607 $ 930 $1,693 $1,265 $2,210
Income Tax Expense 1,875 2,624 1,094 1,322 1,389 1,508
Distributions (Less Than)
Greater Than Income from Less Than
50 Percent Owned Equity Affiliates (113) 29 (5) (3) 6 (9)
Minority Interest 8 4 0 3 (2) 2
Previously Capitalized Interest
Charged to Earnings During Period 21 24 47 32 20 18
Interest and Debt Expense 302 471 557 453 390 490
Interest Portion of Rentals (2) 118 158 148 156 169 152
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Earnings before Provisions for
Taxes and Fixed Charges $4,592 $5,917 $2,771 $3,656 $3,237 $4,371
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Interest and Debt Expense $302 $471 $557 $453 $390 $490
Interest Portion of Rentals (2) 118 158 148 156 169 152
Capitalized Interest 82 108 141 80 60 46
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Total Fixed Charges $502 $737 $846 $689 $619 $688
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Ratio of Earnings to Fixed Charges 9.15 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.
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