Exhibit 12.1

ChevronTexaco Corporation — Total Enterprise Basis

Computation of Ratio of Earnings to Fixed Charges

(Millions of dollars)

	Year Ended December 31,
	2004			2003			2002		2001			2000
Income from Continuing Operations	$	13,034		$	7,382		$	1,102	$	3,875		$	7,638
Income Tax Expense		7,517			5,294			2,998		4,310			6,237
Distributions (Less) Greater Than Equity in Earnings of Affiliates		(1,422	)		(383	)		510		(489	)		(26	)
Minority Interest		85			80			57		121			111
Previously Capitalized Interest Charged to Earnings During Period		83			76			70		67			71
Interest and Debt Expense		406			474			565		833			1,110
Interest Portion of Rentals*		687			507			407		357			340
Earnings Before Provision for Taxes And Fixed Charges	$	20,390		$	13,430		$	5,709	$	9,074		$	15,481
Interest and Debt Expense	$	406		$	474		$	565	$	833		$	1,110
Interest Portion of Rentals*		687			507			407		357			340
Preferred Stock Dividends of Subsidiaries		1			4			5		48			50
Capitalized Interest		64			75			67		122			108
Total Fixed Charges	$	1,158		$	1,060		$	1,044	$	1,360		$	1,608
Ratio Of Earnings To Fixed Charges		17.61			12.67			5.47		6.67			9.63

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

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