Exhibit 12.1

Chevron Corporation — Total Enterprise Basis
Computation of Ratio of Earnings to Fixed Charges
(Millions of dollars)

	Year Ended December 31
	2009			2008			2007			2006			2005
Net Income Attributable to Chevron Corporation	$	10,483		$	23,931		$	18,688		$	17,138		$	14,099
Income Tax Expense		7,965			19,026			13,479			14,838			11,098
Distributions Less Than Equity in Earnings of Affiliates		(103	)		(440	)		(1,439	)		(979	)		(1,304	)
Noncontrolling Interests		80			100			107			70			96
Previously Capitalized Interest Charged to Earnings During Period		261			91			62			111			93
Interest and Debt Expense		28			—			166			451			482
Interest Portion of Rentals*		715			983			798			766			688
Earnings Before Provision for Taxes and Fixed Charges	$	19,429		$	43,691		$	31,861		$	32,395		$	22,252
Interest and Debt Expense	$	28		$	—		$	166		$	451		$	482
Interest Portion of Rentals*		715			983			798			766			688
Preferred Stock Dividends of Subsidiaries		—			—			1			1			1
Capitalized Interest		273			256			302			157			60
Total Fixed Charges	$	1,016		$	1,239		$	1,267		$	1,375		$	1,231
Ratio of Earnings to Fixed Charges		19.12			35.26			25.15			23.56			20.51

* Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

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