Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31, 2013			Year Ended December 31
				2012			2011			2010			2009
	(Millions of dollars)
Net Income Attributable to Chevron Corporation	$	21,423		$	26,179		$	26,895		$	19,024		$	10,483
Income Tax Expense	14,308			19,996			20,626			12,919			7,965
Distributions Less Than Equity in Earnings of Affiliates	(1,178		)	(1,351		)	(570		)	(501		)	(103		)
Noncontrolling Interests	174			157			113			112			80
Previously Capitalized Interest Charged to Earnings During Period	96			123			117			240			261
Interest and Debt Expense	—			—			—			50			28
Interest Portion of Rentals (1)	342			316			288			300			299
Earnings Before Provision for Taxes and Fixed Charges	$	35,165		$	45,420		$	47,469		$	32,144		$	19,013
Interest and Debt Expense	—			—			—			50			28
Interest Portion of Rentals (1)	342			316			288			300			299
Preferred Stock Dividends of Subsidiaries	—			—			—			—			—
Capitalized Interest	284			230			288			267			273
Total Fixed Charges	$	626		$	546		$	576		$	617		$	600
Ratio of Earnings to Fixed Charges	56.17			83.19			82.41			52.10			31.69

⁽¹⁾  Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

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