EXHIBIT 12.1

ChevronTexaco Corporation — Total Enterprise Basis

Computation of Ratio of Earnings to Fixed Charges

(Dollars in millions)

	Year Ended December 31,
	2002		2001			2000			1999			1998
Net Income Before Extraordinary Item	$	1,132	$	3,931		$	7,727		$	3,247		$	1,917
Income Tax Expense		3,024		4,360			6,322			2,565			919
Distributions Greater (Less) Than Equity in Earnings of Affiliates		374		(489	)		(26	)		(288	)		49
Minority Interest		57		121			111			71			62
Previously Capitalized Interest Charged to Earnings During Period		70		67			71			74			57
Interest and Debt Expense		565		833			1,110			1,132			1,057
Interest Portion of Rentals*		407		357			340			249			255
Earnings Before Provision for Taxes And Fixed Charges	$	5,629	$	9,180		$	15,655		$	7,050		$	4,316
Interest and Debt Expense	$	565	$	833		$	1,110		$	1,132		$	1,057
Interest Portion of Rentals*		407		357			340			249			255
Preferred Stock Dividends of Subsidiaries		5		48			50			55			33
Capitalized Interest		67		122			108			38			63
Total Fixed Charges	$	1,044	$	1,360		$	1,608		$	1,474		$	1,408
Ratio Of Earnings To Fixed Charges		5.39		6.75			9.74			4.78			3.07

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

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