Exhibit 12.1

Chevron Corporation — Total Enterprise Basis
Computation of Ratio of Earnings to Fixed Charges
(Millions of dollars)

	Year Ended December 31
	2008			2007			2006			2005			2004
Income From Continuing Operations	$	23,931		$	18,688		$	17,138		$	14,099		$	13,034
Income Tax Expense		19,026			13,479			14,838			11,098			7,517
Distributions (Less) Greater Than Equity in Earnings of Affiliates		(440	)		(1,439	)		(979	)		(1,304	)		(1,422	)
Minority Interest		100			107			70			96			85
Previously Capitalized Interest Charged to Earnings During Period		91			62			111			93			83
Interest and Debt Expense		—			166			451			482			406
Interest Portion of Rentals*		983			798			766			688			687
Earnings Before Provision for Taxes and Fixed Charges	$	43,691		$	31,861		$	32,395		$	22,252		$	20,390
Interest and Debt Expense	$	—		$	166		$	451		$	482		$	406
Interest Portion of Rentals*		983			798			766			688			687
Preferred Stock Dividends of Subsidiaries		—			1			1			1			1
Capitalized Interest		256			302			157			60			44
Total Fixed Charges	$	1,239		$	1,267		$	1,375		$	1,231		$	1,138
Ratio of Earnings to Fixed Charges		35.26			25.15			23.56			20.51			17.92

* Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

E-124