Exhibit 12.1

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

	Year Ended December 31
	2011			2010			2009			2008			2007
Net Income Attributable to Chevron Corporation	$	26,895		$	19,024		$	10,483		$	23,931		$	18,688
Income Tax Expense		20,626			12,919			7,965			19,026			13,479
Distributions Less Than Equity in Earnings of Affiliates		(570	)		(501	)		(103	)		(440	)		(1,439	)
Noncontrolling Interests		113			112			80			100			107
Previously Capitalized Interest Charged to Earnings During Period		117			240			261			91			62
Interest and Debt Expense		—			50			28			—			166
Interest Portion of Rentals(1)(2)		288			300			299			274			293
Earnings Before Provision for Taxes and Fixed Charges	$	47,469		$	32,144		$	19,013		$	42,982		$	31,356
Interest and Debt Expense	$	—		$	50		$	28		$	—		$	166
Interest Portion of Rentals(1)(2)		288			300			299			274			293
Preferred Stock Dividends of Subsidiaries		—			—			—			—			1
Capitalized Interest		288			267			273			256			302
Total Fixed Charges	$	576		$	617		$	600		$	530		$	762
Ratio of Earnings to Fixed Charges		82.41			52.10			31.69			81.10			41.15

(1)	Prior years have been adjusted to exclude the cost of certain charters from rental expense.
(2)	Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

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