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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Sept 30, 1998 1997 1996 1995 1994 1993
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Net Income before Cumulative Effect
of Changes in Accounting Principles (1) $ 1,538 $3,256 $ 2,607 $ 930 $ 1,693 $ 1,265
Income Tax Expense 1,007 2,428 2,624 1,094 1,322 1,389
Distributions (Less Than)
Greater Than Equity in Earnings of
Less Than 50% Owned Affiliates (72) (70) 29 (5) (3) 6
Minority Interest 6 11 4 - 3 (2)
Previously Capitalized Interest
Charged to Earnings During Period 23 28 24 47 32 20
Interest and Debt Expense 360 405 471 557 453 390
Interest Portion of Rentals (2) 146 167 158 148 156 169
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Earnings before Provisions for
Taxes and Fixed Charges $ 3,008 $6,225 $ 5,917 $ 2,771 $ 3,656 $ 3,237
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Interest and Debt Expense $ 360 $ 405 $ 471 $ 557 $ 453 $ 390
Interest Portion of Rentals (2) 146 167 158 148 156 169
Capitalized Interest 33 82 108 141 80 60
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Total Fixed Charges $ 539 $ 654 $ 737 $ 846 $ 689 $ 619
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Ratio of Earnings to Fixed Charges 5.58 9.52 8.03 3.28 5.31 5.23
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<FN>
(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," effective October 1, 1995.
(2) Calculated as one-third of rentals.
</FN>
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