Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31
	2014			2013			2012			2011			2010
	(Millions of dollars)
Net Income Attributable to Chevron Corporation	$	19,241		$	21,423		$	26,179		$	26,895		$	19,024
Income Tax Expense	11,892			14,308			19,996			20,626			12,919
Distributions Less Than Equity in Earnings of Affiliates	(2,202		)	(1,178		)	(1,351		)	(570		)	(501		)
Noncontrolling Interests	69			174			157			113			112
Previously Capitalized Interest Charged to Earnings During Period	100			96			123			117			240
Interest and Debt Expense	—			—			—			—			50
Interest Portion of Rentals (1)	356			342			316			288			300
Earnings Before Provision for Taxes and Fixed Charges	$	29,456		$	35,165		$	45,420		$	47,469		$	32,144
Interest and Debt Expense	—			—			—			—			50
Interest Portion of Rentals (1)	356			342			316			288			300
Preferred Stock Dividends of Subsidiaries	—			—			—			—			—
Capitalized Interest	358			284			230			288			267
Total Fixed Charges	$	714		$	626		$	546		$	576		$	617
Ratio of Earnings to Fixed Charges	41.25			56.17			83.19			82.41			52.10
____________

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

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