Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Six Months | Year Ended December 31 | |||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| June 30, 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||||||
| (Dollars in Millions) | ||||||||||||||||||||||||
|
Income from Continuing Operations
|
$ | 8,349 | $ | 14,099 | $ | 13,034 | $ | 7,382 | $ | 1,102 | $ | 3,875 | ||||||||||||
|
Income Tax Expense
|
7,672 | 11,098 | 7,517 | 5,294 | 2,998 | 4,310 | ||||||||||||||||||
|
Distributions (Less) Greater Than Equity in Earnings of
Affiliates
|
(475 | ) | (1,304 | ) | (1,422 | ) | (383 | ) | 510 | (489 | ) | |||||||||||||
|
Minority Interest
|
48 | 96 | 85 | 80 | 57 | 121 | ||||||||||||||||||
|
Previously Capitalized Interest Charged to Earnings During Period
|
52 | 93 | 83 | 76 | 70 | 67 | ||||||||||||||||||
|
Interest and Debt Expense
|
255 | 482 | 406 | 474 | 565 | 833 | ||||||||||||||||||
|
Interest Portion of Rentals*
|
392 | 688 | 687 | 507 | 407 | 357 | ||||||||||||||||||
|
Earnings Before Provision for Taxes And Fixed Charges
|
$ | 16,293 | $ | 25,252 | $ | 20,390 | $ | 13,430 | $ | 5,709 | $ | 9,074 | ||||||||||||
|
Interest and Debt Expense
|
$ | 255 | $ | 482 | $ | 406 | $ | 474 | $ | 565 | $ | 833 | ||||||||||||
|
Interest Portion of Rentals*
|
392 | 688 | 687 | 507 | 407 | 357 | ||||||||||||||||||
|
Preferred Stock Dividends of Subsidiaries
|
1 | 1 | 1 | 4 | 5 | 48 | ||||||||||||||||||
|
Capitalized Interest
|
61 | 60 | 44 | 75 | 67 | 122 | ||||||||||||||||||
|
Total Fixed Charges
|
$ | 709 | $ | 1,231 | $ | 1,138 | $ | 1,060 | $ | 1,044 | $ | 1,360 | ||||||||||||
|
Ratio Of Earnings To Fixed Charges
|
22.98 | 20.51 | 17.92 | 12.67 | 5.47 | 6.67 | ||||||||||||||||||
| * | Calculated as one-third of rentals. Considered a reasonable approximation of interest factor. |
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