Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine Months Ended September 30, 2012			Year Ended December 31
				2011			2010			2009			2008			2007
	(Millions of dollars)
Net Income Attributable to Chevron Corporation	$	18,934		$	26,895		$	19,024		$	10,483		$	23,931		$	18,688
Income Tax Expense	15,317			20,626			12,919			7,965			19,026			13,479
Distributions Less Than Equity in Earnings of Affiliates	(1,151		)	(570		)	(501		)	(103		)	(440		)	(1,439		)
Noncontrolling Interests	105			113			112			80			100			107
Previously Capitalized Interest Charged to Earnings During Period	95			117			240			261			91			62
Interest and Debt Expense	—			—			50			28			—			166
Interest Portion of Rentals (1)	243			288			300			299			274			293
Earnings Before Provision for Taxes and Fixed Charges	$	33,543		$	47,469		$	32,144		$	19,013		$	42,982		$	31,356
Interest and Debt Expense	—			—			50			28			—			166
Interest Portion of Rentals (1)	243			288			300			299			274			293
Preferred Stock Dividends of Subsidiaries	—			—			—			—			—			1
Capitalized Interest	176			288			267			273			256			302
Total Fixed Charges	$	419		$	576		$	617		$	600		$	530		$	762
Ratio of Earnings to Fixed Charges	80.05			82.41			52.10			31.69			81.10			41.15

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

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