EX-12.1 2 cvx12312016ex121ratios.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
 
2016
 
2015
 
2014
 
2013
 
2012
 
(Millions of dollars)
Net Income (Loss) Attributable to Chevron Corporation
$
(497
)
 
$
4,587

 
$
19,241

 
$
21,423

 
$
26,179

Income Tax Expense (Benefit)
(1,729
)
 
132

 
11,892

 
14,308

 
19,996

Distributions Less Than Equity in Earnings of Affiliates
(1,227
)
 
(760
)
 
(2,202
)
 
(1,178
)
 
(1,351
)
Noncontrolling Interests
66

 
123

 
69

 
174

 
157

Previously Capitalized Interest Charged to Earnings During Period
89

 
120

 
100

 
96

 
123

Interest and Debt Expense
201

 
—

 
—

 
—

 
—

Interest Portion of Rentals 1
313

 
345

 
356

 
342

 
316

Earnings Before Provision for Taxes and Fixed Charges
$
(2,784
)
 
$
4,547

 
$
29,456

 
$
35,165

 
$
45,420

 
 
 
 
 
 
 
 
 
 
Interest and Debt Expense
201

 
—

 
—

 
—

 
—

Interest Portion of Rentals 1
313

 
345

 
356

 
342

 
316

Preferred Stock Dividends of Subsidiaries
—

 
—

 
—

 
—

 
—

Capitalized Interest
552

 
495

 
358

 
284

 
230

 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
$
1,066

 
$
840

 
$
714

 
$
626

 
$
546

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges 2
—

 
5.41

 
41.25

 
56.17

 
83.19

___________________
 
 
 
 
 
 
 
 
 
1 Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.
2 The ratio coverage through December 31, 2016 was less than 1. Additional earnings of $3.9 billion would have been required to achieve a coverage of 1.

E-3