Exhibit 12.1

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

	Six Months
	Ended			Year Ended December 31
	June 30, 2007			2006			2005			2004			2003			2002
	(Dollars in Millions)
Income from Continuing Operations	$	10,095		$	17,138		$	14,099		$	13,034		$	7,382		$	1,102
Income Tax Expense		6,527			14,838			11,098			7,517			5,294			2,998
Distributions (Less) Greater Than Equity in Earnings of Affiliates		(507	)		(979	)		(1,304	)		(1,422	)		(383	)		510
Minority Interest		47			70			96			85			80			57
Previously Capitalized Interest Charged to Earnings During Period		37			111			93			83			76			70
Interest and Debt Expense		137			451			482			406			474			565
Interest Portion of Rentals*		388			766			688			687			507			407
Earnings Before Provision for Taxes and Fixed Charges	$	16,724		$	32,395		$	25,252		$	20,390		$	13,430		$	5,709
Interest and Debt Expense	$	137		$	451		$	482		$	406		$	474		$	565
Interest Portion of Rentals*		388			766			688			687			507			407
Preferred Stock Dividends of Subsidiaries		1			1			1			1			4			5
Capitalized Interest		135			157			60			44			75			67
Total Fixed Charges	$	661		$	1,375		$	1,231		$	1,138		$	1,060		$	1,044
Ratio of Earnings to Fixed Charges		25.30			23.56			20.51			17.92			12.67			5.47

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

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