Exhibit 12.1

Chevron Corporation — Total Enterprise Basis

Computation of Ratio of Earnings to Fixed Charges

(Millions of dollars)

	Year Ended December 31
	2007			2006			2005			2004			2003
Income From Continuing Operations	$	18,688		$	17,138		$	14,099		$	13,034		$	7,382
Income Tax Expense		13,479			14,838			11,098			7,517			5,294
Distributions (Less) Greater Than Equity in Earnings of Affiliates		(1,439	)		(979	)		(1,304	)		(1,422	)		(383	)
Minority Interest		107			70			96			85			80
Previously Capitalized Interest Charged to Earnings During Period		62			111			93			83			76
Interest and Debt Expense		166			451			482			406			474
Interest Portion of Rentals*		798			766			688			687			507
Earnings Before Provision for Taxes and Fixed Charges	$	31,861		$	32,395		$	25,252		$	20,390		$	13,430
Interest and Debt Expense	$	166		$	451		$	482		$	406		$	474
Interest Portion of Rentals*		798			766			688			687			507
Preferred Stock Dividends of Subsidiaries		1			1			1			1			4
Capitalized Interest		302			157			60			44			75
Total Fixed Charges	$	1,267		$	1,375		$	1,231		$	1,138		$	1,060
Ratio of Earnings to Fixed Charges		25.15			23.56			20.51			17.92			12.67

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

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