Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months
	Ended			Year Ended December 31
	March 31, 2009			2008			2007			2006			2005			2004
	(Millions of dollars)
Net Income Attributable to Chevron Corporation		$1,837			$23,931			$18,688			$17,138			$14,099			$13,034
Income Tax Expense		1,319			19,026			13,479			14,838			11,098			7,517
Distributions (Less) Greater Than Equity in Earnings of Affiliates		(440	)		(440	)		(1,439	)		(979	)		(1,304	)		(1,422	)
Noncontrolling Interests		17			100			107			70			96			85
Previously Capitalized Interest Charged to Earnings During Period		50			91			62			111			93			83
Interest and Debt Expense(1)		8			—			166			451			482			406
Interest Portion of Rentals(2)		197			983			798			766			688			687
Earnings Before Provision for Taxes and Fixed Charges		$2,988			$43,691			$31,861			$32,395			$25,252			$20,390
Interest and Debt Expense(1)		$       8			$       —			$     166			$     451			$     482			$     406
Interest Portion of Rentals(2)		197			983			798			766			688			687
Preferred Stock Dividends of Subsidiaries		—			—			1			1			1			1
Capitalized Interest		53			256			302			157			60			44
Total Fixed Charges		$   258			$  1,239			$  1,267			$  1,375			$  1,231			$  1,138
Ratio of Earnings to Fixed Charges		11.58			35.26			25.15			23.56			20.51			17.92

(1)	Does not include interest related to liabilities for uncertain tax positions. On the Consolidated Statement of Income, the company reports interest and penalties related to liabilities for uncertain tax positions as “Income Tax Expense.”
(2)	Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

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