EX-12.1 5 a12312017ex121ratios.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
 
2017
 
2016
 
2015
 
2014
 
2013
 
 
Net Income (Loss) Attributable to Chevron Corporation
$
9,195

 
$
(497
)
 
$
4,587

 
$
19,241

 
$
21,423

Income Tax Expense (Benefit)
(48
)
 
(1,729
)
 
132

 
11,892

 
14,308

Distributions Less Than Equity in Earnings of Affiliates
(2,214
)
 
(1,227
)
 
(760
)
 
(2,202
)
 
(1,178
)
Noncontrolling Interests
74

 
66

 
123

 
69

 
174

Previously Capitalized Interest Charged to Earnings During Period
197

 
89

 
120

 
100

 
96

Interest and Debt Expense
307

 
201

 
—

 
—

 
—

Interest Portion of Rentals 1
240

 
313

 
345

 
356

 
342

Earnings Before Provision for Taxes and Fixed Charges
$
7,751

 
$
(2,784
)
 
$
4,547

 
$
29,456

 
$
35,165

 
 
 
 
 
 
 
 
 
 
Interest and Debt Expense
307

 
201

 
—

 
—

 
—

Interest Portion of Rentals 1
240

 
313

 
345

 
356

 
342

Preferred Stock Dividends of Subsidiaries
—

 
—

 
—

 
—

 
—

Capitalized Interest
595

 
552

 
495

 
358

 
284

 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
$
1,142

 
$
1,066

 
$
840

 
$
714

 
$
626

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges 2
6.79

 
—

 
5.41

 
41.25

 
56.17

___________________
 
 
 
 
 
 
 
 
 
1 Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.
2 The ratio coverage for the year ended December 31, 2016 was less than 1. Additional earnings of $3.9 billion would have been required to achieve a coverage of 1.

E-1