Exhibit 12.1

Chevron Corporation — Total Enterprise Basis
Computation of Ratio of Earnings to Fixed Charges
(Millions of dollars)

	Year Ended December 31
	2010			2009			2008			2007			2006
Net Income Attributable to Chevron Corporation	$	19,024		$	10,483		$	23,931		$	18,688		$	17,138
Income Tax Expense		12,919			7,965			19,026			13,479			14,838
Distributions Less Than Equity in Earnings of Affiliates		(501	)		(103	)		(440	)		(1,439	)		(979	)
Noncontrolling Interests		112			80			100			107			70
Previously Capitalized Interest Charged to Earnings During Period		240			261			91			62			111
Interest and Debt Expense		50			28			—			166			451
Interest Portion of Rentals*		781			715			983			798			766
Earnings Before Provision for Taxes and Fixed Charges	$	32,625		$	19,429		$	43,691		$	31,861		$	32,395
Interest and Debt Expense	$	50		$	28		$	—		$	166		$	451
Interest Portion of Rentals*		781			715			983			798			766
Preferred Stock Dividends of Subsidiaries		—			—			—			1			1
Capitalized Interest		267			273			256			302			157
Total Fixed Charges	$	1,098		$	1,016		$	1,239		$	1,267		$	1,375
Ratio of Earnings to Fixed Charges		29.71			19.12			35.26			25.15			23.56

* Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

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