Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31
	2012			2011			2010			2009			2008
	(Millions of dollars)
Net Income Attributable to Chevron Corporation	$	26,179		$	26,895		$	19,024		$	10,483		$	23,931
Income Tax Expense	19,996			20,626			12,919			7,965			19,026
Distributions Less Than Equity in Earnings of Affiliates	(1,351		)	(570		)	(501		)	(103		)	(440		)
Noncontrolling Interests	157			113			112			80			100
Previously Capitalized Interest Charged to Earnings During Period	123			117			240			261			91
Interest and Debt Expense	—			—			50			28			—
Interest Portion of Rentals (1)	316			288			300			299			274
Earnings Before Provision for Taxes and Fixed Charges	$	45,420		$	47,469		$	32,144		$	19,013		$	42,982
Interest and Debt Expense	—			—			50			28			—
Interest Portion of Rentals (1)	316			288			300			299			274
Preferred Stock Dividends of Subsidiaries	—			—			—			—			—
Capitalized Interest	230			288			267			273			256
Total Fixed Charges	$	546		$	576		$	617		$	600		$	530
Ratio of Earnings to Fixed Charges	83.19			82.41			52.10			31.69			81.10

(1) Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

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