EX-12.1 2 cvx09302016ex121ratios.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
 
 
 
 
 
 
 
 
 
Nine Months Ended
 
Year Ended December 31
 
September 30, 2016
 
2015
 
2014
 
2013
 
2012
 
(Millions of dollars)
Net Income (Loss) Attributable to Chevron Corporation
$
(912
)
 
$
4,587

 
$
19,241

 
$
21,423

 
$
26,179

Income Tax Expense (Benefit)
(1,803
)
 
132

 
11,892

 
14,308

 
19,996

Distributions Less Than Equity in Earnings of Affiliates
(708
)
 
(760
)
 
(2,202
)
 
(1,178
)
 
(1,351
)
Noncontrolling Interests
43

 
123

 
69

 
174

 
157

Previously Capitalized Interest Charged to Earnings During Period
64

 
120

 
100

 
96

 
123

Interest and Debt Expense
143

 
—

 
—

 
—

 
—

Interest Portion of Rentals (1)
215

 
345

 
356

 
342

 
316

Earnings Before Provision for Taxes and Fixed Charges
$
(2,958
)
 
$
4,547

 
$
29,456

 
$
35,165

 
$
45,420

 
 
 
 
 
 
 
 
 
 
Interest and Debt Expense
143

 
—

 
—

 
—

 
—

Interest Portion of Rentals (1)
215

 
345

 
356

 
342

 
316

Preferred Stock Dividends of Subsidiaries
—

 
—

 
—

 
—

 
—

Capitalized Interest
401

 
495

 
358

 
284

 
230

 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
$
759

 
$
840

 
$
714

 
$
626

 
$
546

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges (2)
—

 
5.41

 
41.25

 
56.17

 
83.19

___________________
 
 
 
 
 
 
 
 
 
(1) 
Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.
(2) 
The ratio coverage through September 30, 2016 was less than 1. Additional earnings of $3.7 billion would have been required to achieve a coverage of 1.
 

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