Exhibit 12.1

CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Six  Months Ended June 30, 2012				Year Ended December 31
					2011				2010				2009				2008				2007
	(Millions of dollars)
Net Income Attributable to Chevron Corporation		$	13,681			$	26,895			$	19,024			$	10,483			$	23,931			$	18,688
Income Tax Expense			10,693				20,626				12,919				7,965				19,026				13,479
Distributions More (Less) Than Equity in Earnings of Affiliates			(1,069	)			(570	)			(501	)			(103	)			(440	)			(1,439	)
Noncontrolling Interests			50				113				112				80				100				107
Previously Capitalized Interest Charged to Earnings During Period			62				117				240				261				91				62
Interest and Debt Expense			—				—				50				28				—				166
Interest Portion of Rentals(1)			159				288				300				299				274				293
Earnings Before Provision for Taxes and Fixed Charges		$	23,576			$	47,469			$	32,144			$	19,013			$	42,982			$	31,356
Interest and Debt Expense		$	—			$	—			$	50			$	28			$	—			$	166
Interest Portion of Rentals(1)			159				288				300				299				274				293
Preferred Stock Dividends of Subsidiaries			—				—				—				—				—				1
Capitalized Interest			118				288				267				273				256				302
Total Fixed Charges		$	277			$	576			$	617			$	600			$	530			$	762
Ratio of Earnings to Fixed Charges			85.11				82.41				52.10				31.69				81.10				41.15

(1) Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.

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