exv12w1
 

Exhibit 12.1
 
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
                                                 
    Three Months
                               
    Ended
    Year Ended December 31  
    March 31, 2007     2006     2005     2004     2003     2002  
    (Dollars in Millions)  
 
Income from Continuing Operations
  $ 4,715     $ 17,138     $ 14,099     $ 13,034     $ 7,382     $ 1,102  
Income Tax Expense
    2,845       14,838       11,098       7,517       5,294       2,998  
Distributions (Less) Greater Than Equity in Earnings of Affiliates
    (284 )     (979 )     (1,304 )     (1,422 )     (383 )     510  
Minority Interest
    28       70       96       85       80       57  
Previously Capitalized Interest Charged to Earnings During Period
    18       111       93       83       76       70  
Interest and Debt Expense
    74       451       482       406       474       565  
Interest Portion of Rentals(1)
    194       766       688       687       507       407  
                                                 
Earnings Before Provision for Taxes and Fixed Charges
  $ 7,590     $ 32,395     $ 25,252     $ 20,390     $ 13,430     $ 5,709  
                                                 
Interest and Debt Expense(2)
  $ 74     $ 451     $ 482     $ 406     $ 474     $ 565  
Interest Portion of Rentals(1)
    194       766       688       687       507       407  
Preferred Stock Dividends of Subsidiaries
          1       1       1       4       5  
Capitalized Interest
    62       157       60       44       75       67  
                                                 
Total Fixed Charges
  $ 330     $ 1,375     $ 1,231     $ 1,138     $ 1,060     $ 1,044  
                                                 
Ratio Of Earnings
To Fixed Charges
    23.00       23.56       20.51       17.92       12.67       5.47  
 
 
(1) Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.
 
(2) Does not include interest related to liabilities for uncertain tax positions. On the Consolidated Statement of Income, the Company reports interest and penalties related to liabilities for uncertain tax positions as “Income tax expense.”


57