Exhibit 12
CHEVRON CORPORATION - TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
Three Months Year Ended December 31,
Ended ------------------------------------------------
March 31, 1999 1998 1997 1996 1995 1994
-------------- -------- -------- -------- -------- --------
Net Income (1) $ 329 $ 1,339 $ 3,256 $ 2,607 $ 930 $ 1,693
Income Tax Expense 228 658 2,428 2,624 1,094 1,322
Distributions (Less Than)
Greater Than Equity in Earnings of
Less Than 50% Owned Affiliates (23) (72) (70) 29 (5) (3)
Minority Interest 1 7 11 4 - 3
Previously Capitalized Interest
Charged to Earnings During Period (2) 35 28 24 47 32
Interest and Debt Expense 124 492 405 471 557 453
Interest Portion of Rentals (2) 43 187 167 158 148 156
------- ------ ------- ------- ------- -------
Earnings before Provisions for
Taxes and Fixed Charges $ 700 $2,646 $ 6,225 $ 5,917 $ 2,771 $ 3,656
======= ====== ======= ======= ======= =======
Interest and Debt Expense $ 124 $ 492 $ 405 $ 471 $ 557 $ 453
Interest Portion of Rentals (2) 43 187 167 158 148 156
Capitalized Interest (9) 39 82 108 141 80
-------- ------ ------- ------- ------- -------
Total Fixed Charges $ 158 $ 718 $ 654 $ 737 $ 846 $ 689
======= ====== ======= ======= ======= =======
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Ratio of Earnings to Fixed Charges 4.42 3.68 9.52 8.03 3.28 5.31
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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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