Exhibit 12.1

CHEVRONTEXACO CORPORATION — TOTAL ENTERPRISE BASIS

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Three Months			Year Ended December 31
	Ended
	March 31, 2005			2004			2003			2002		2001			2000
	(Dollars in Millions)
Income from Continuing Operations	$	2,677		$	13,034		$	7,382		$	1,102	$	3,875		$	7,638
Income Tax Expense		2,230			7,517			5,294			2,998		4,310			6,237
Distributions (Less) Greater Than Equity in Earnings of Affiliates		(210	)		(1,422	)		(383	)		510		(489	)		(26	)
Minority Interest		21			85			80			57		121			111
Previously Capitalized Interest Charged to Earnings During Period		22			83			76			70		67			71
Interest and Debt Expense		107			406			474			565		833			1,110
Interest Portion of Rentals*		173			687			507			407		357			340
Earnings Before Provision for Taxes And Fixed Charges	$	5,020		$	20,390		$	13,430		$	5,709	$	9,074		$	15,481
Interest and Debt Expense	$	107		$	406		$	474		$	565	$	833		$	1,110
Interest Portion of Rentals*		173			687			507			407		357			340
Preferred Stock Dividends of Subsidiaries		—			1			4			5		48			50
Capitalized Interest		2			64			75			67		122			108
Total Fixed Charges	$	282		$	1,158		$	1,060		$	1,044	$	1,360		$	1,608
Ratio Of Earnings To Fixed Charges		17.80			17.61			12.67			5.47		6.67			9.63

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

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