Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months
	Ended		Year Ended December 31
	March 31, 2011		2010			2009			2008			2007			2006
	(Millions of dollars)
Net Income Attributable to Chevron Corporation		$  6,211		$19,024			$10,483			$23,931			$18,688			$17,138
Income Tax Expense		4,883		12,919			7,965			19,026			13,479			14,838
Distributions More (Less) Than Equity in Earnings of Affiliates		201		(501	)		(103	)		(440	)		(1,439	)		(979	)
Noncontrolling Interests		28		112			80			100			107			70
Previously Capitalized Interest Charged to Earnings During Period		3		240			261			91			62			111
Interest and Debt Expense		—		50			28			—			166			451
Interest Portion of Rentals(1)		195		781			715			983			798			766
Earnings Before Provision for Taxes and Fixed Charges		$11,521		$32,625			$19,429			$43,691			$31,861			$32,395
Interest and Debt Expense		$       —		$       50			$       28			$       —			$      166			$      451
Interest Portion of Rentals(1)		195		781			715			983			798			766
Preferred Stock Dividends of Subsidiaries		—		—			—			—			1			1
Capitalized Interest		78		267			273			256			302			157
Total Fixed Charges		$      273		$   1,098			$   1,016			$   1,239			$   1,267			$   1,375
Ratio of Earnings to Fixed Charges		42.20		29.71			19.12			35.26			25.15			23.56

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

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