EX-12.1 2 cvx03312013ex121ratios.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES CVX 03.31.2013 EX 12.1 Ratios

Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months
Ended
March 31, 2013
 
Year Ended December 31
 
 
2012
 
2011
 
2010
 
2009
 
2008
 
(Millions of dollars)
Net Income Attributable to Chevron Corporation
$
6,178

 
$
26,179

 
$
26,895

 
$
19,024

 
$
10,483

 
$
23,931

Income Tax Expense
4,044

 
19,996

 
20,626

 
12,919

 
7,965

 
19,026

Distributions Less Than Equity in Earnings of Affiliates
(578
)
 
(1,351
)
 
(570
)
 
(501
)
 
(103
)
 
(440
)
Noncontrolling Interests
61

 
157

 
113

 
112

 
80

 
100

Previously Capitalized Interest Charged to Earnings During Period
23

 
123

 
117

 
240

 
261

 
91

Interest and Debt Expense
—

 
—

 
—

 
50

 
28

 
—

Interest Portion of Rentals (1)
87

 
316

 
288

 
300

 
299

 
274

Earnings Before Provision for Taxes and Fixed Charges
$
9,815

 
$
45,420

 
$
47,469

 
$
32,144

 
$
19,013

 
$
42,982

 
 
 
 
 
 
 
 
 
 
 
 
Interest and Debt Expense
—

 
—

 
—

 
50

 
28

 
—

Interest Portion of Rentals (1)
87

 
316

 
288

 
300

 
299

 
274

Preferred Stock Dividends of Subsidiaries
—

 
—

 
—

 
—

 
—

 
—

Capitalized Interest
56

 
230

 
288

 
267

 
273

 
256

 
 
 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
$
143

 
$
546

 
$
576

 
$
617

 
$
600

 
$
530

 
 
 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges
68.64

 
83.19

 
82.41

 
52.10

 
31.69

 
81.10

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

41