Exhibit 12.1

Chevron Corporation — Total Enterprise Basis

Computation of Ratio of Earnings to Fixed Charges

(Millions of dollars)

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