EX-12.1 2 cvx12312015ex121ratios.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
 
2015
 
2014
 
2013
 
2012
 
2011
 
(Millions of dollars)
Net Income Attributable to Chevron Corporation
$
4,587

 
$
19,241

 
$
21,423

 
$
26,179

 
$
26,895

Income Tax Expense
132

 
11,892

 
14,308

 
19,996

 
20,626

Distributions Less Than Equity in Earnings of Affiliates
(760
)
 
(2,202
)
 
(1,178
)
 
(1,351
)
 
(570
)
Noncontrolling Interests
123

 
69

 
174

 
157

 
113

Previously Capitalized Interest Charged to Earnings During Period
120

 
100

 
96

 
123

 
117

Interest and Debt Expense
—

 
—

 
—

 
—

 
—

Interest Portion of Rentals (1)
345

 
356

 
342

 
316

 
288

Earnings Before Provision for Taxes and Fixed Charges
$
4,547

 
$
29,456

 
$
35,165

 
$
45,420

 
$
47,469

 
 
 
 
 
 
 
 
 
 
Interest and Debt Expense
—

 
—

 
—

 
—

 
—

Interest Portion of Rentals (1)
345

 
356

 
342

 
316

 
288

Preferred Stock Dividends of Subsidiaries
—

 
—

 
—

 
—

 
—

Capitalized Interest
495

 
358

 
284

 
230

 
288

 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
$
840

 
$
714

 
$
626

 
$
546

 
$
576

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
5.41

 
41.25

 
56.17

 
83.19

 
82.41

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

E-3