Exhibit 12.1

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

	Nine Months
	Ended			Year Ended December 31
	September 30, 2008			2007			2006			2005			2004			2003
	(Dollars in millions)
Income from Continuing Operations	$	19,036		$	18,688		$	17,138		$	14,099		$	13,034		$	7,382
Income Tax Expense		16,681			13,479			14,838			11,098			7,517			5,294
Distributions (Less) Greater Than Equity in Earnings of Affiliates		(278	)		(1,439	)		(979	)		(1,304	)		(1,422	)		(383	)
Minority Interest		94			107			70			96			85			80
Previously Capitalized Interest Charged to Earnings During Period		47			62			111			93			83			76
Interest and Debt Expense(1)		—			166			451			482			406			474
Interest Portion of Rentals(2)		752			798			766			688			687			507
Earnings Before Provision for Taxes and Fixed Charges	$	36,332		$	31,861		$	32,395		$	25,252		$	20,390		$	13,430
Interest and Debt Expense(1)	$	—		$	166		$	451		$	482		$	406		$	474
Interest Portion of Rentals(2)		752			798			766			688			687			507
Preferred Stock Dividends of Subsidiaries		—			1			1			1			1			4
Capitalized Interest		205			302			157			60			44			75
Total Fixed Charges	$	957		$	1,267		$	1,375		$	1,231		$	1,138		$	1,060
Ratio of Earnings to Fixed Charges		37.96			25.15			23.56			20.51			17.92			12.67

(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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