Exhibit 12.1

CHEVRONTEXACO CORPORATION — TOTAL ENTERPRISE BASIS

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Nine Months			Year Ended December 31,
	Ended
	September 30, 2003			2002		2001			2000			1999			1998
	(Dollars in millions)
Net Income Before Cumulative Effect of Changes in Accounting Principle	$	5,691		$	1,132	$	3,931		$	7,727		$	3,247		$	1,917
Income Tax Expense		4,494			3,024		4,360			6,322			2,565			919
Distributions (Less Than) Greater Than Equity in Earnings of Affiliates		(492	)		374		(489	)		(26	)		(288	)		49
Minority Interest		66			57		121			111			71			62
Previously Capitalized Interest Charged to Earnings During Period		57			70		67			71			74			57
Interest and Debt Expense		363			565		833			1,110			1,132			1,057
Interest Portion of Rentals*		389			407		357			340			249			255
Earnings Before Provision for Taxes And Fixed Charges	$	10,568		$	5,629	$	9,180		$	15,655		$	7,050		$	4,316
Interest and Debt Expense	$	363		$	565	$	833		$	1,110		$	1,132		$	1,057
Interest Portion of Rentals*		389			407		357			340			249			255
Preferred Stock Dividends of Subsidiaries		—			5		48			50			55			33
Capitalized Interest		55			67		122			108			38			63
Total Fixed Charges	$	807		$	1,044	$	1,360		$	1,608		$	1,474		$	1,408
Ratio Of Earnings To Fixed Charges		13.10			5.39		6.75			9.74			4.78			3.07

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

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