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, 2004			2003			2002		2001			2000			1999
	(Dollars in Millions)
Income from Continuing Operations	$	2,528		$	7,330		$	1,048	$	3,795		$	7,573		$	3,145
Income Tax Expense		1,710			5,274			2,964		4,263			6,212			2,493
Distributions (Less) Greater Than Equity in Earnings of Affiliates		(299	)		(383	)		510		(489	)		(26	)		(288	)
Minority Interest		22			80			57		121			111			71
Previously Capitalized Interest Charged to Earnings During Period		20			76			70		67			71			74
Interest and Debt Expense		93			474			565		833			1,110			1,132
Interest Portion of Rentals*		164			507			407		357			340			249
Earnings Before Provision for Taxes And Fixed Charges	$	4,238		$	13,358		$	5,621	$	8,947		$	15,391		$	6,876
Interest and Debt Expense	$	93		$	474		$	565	$	833		$	1,110		$	1,132
Interest Portion of Rentals*		164			507			407		357			340			249
Preferred Stock Dividends of Subsidiaries		—			4			5		48			50			55
Capitalized Interest		25			75			67		122			108			38
Total Fixed Charges	$	282		$	1,060		$	1,044	$	1,360		$	1,608		$	1,474
Ratio Of Earnings To Fixed Charges		15.03			12.60			5.38		6.58			9.57			4.66

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

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