EX-12.1 3 a09302017ex121ratios.htm EXHIBIT 12.1
Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

| Nine Months Ended September 30, 2017 |  | Year Ended December 31
|  | 2016 |  | 2015 |  | 2014 |  | 2013
| (Millions of dollars)
Net Income (Loss) Attributable to Chevron Corporation | $ | 6,084 |  |  | $ | (497 | ) |  | $ | 4,587 |  |  | $ | 19,241 |  |  | $ | 21,423 |
Income Tax Expense (Benefit) | 1,589 |  |  | (1,729 | ) |  | 132 |  |  | 11,892 |  |  | 14,308 |
Distributions Less Than Equity in Earnings of Affiliates | (2,122 | ) |  | (1,227 | ) |  | (760 | ) |  | (2,202 | ) |  | (1,178 | )
Noncontrolling Interests | 67 |  |  | 66 |  |  | 123 |  |  | 69 |  |  | 174 |
Previously Capitalized Interest Charged to Earnings During Period | 140 |  |  | 89 |  |  | 120 |  |  | 100 |  |  | 96 |
Interest and Debt Expense | 134 |  |  | 201 |  |  | — |  |  | — |  |  | — |
Interest Portion of Rentals 1 | 174 |  |  | 313 |  |  | 345 |  |  | 356 |  |  | 342 |
Earnings Before Provision for Taxes and Fixed Charges | $ | 6,066 |  |  | $ | (2,784 | ) |  | $ | 4,547 |  |  | $ | 29,456 |  |  | $ | 35,165 |
Interest and Debt Expense | 134 |  |  | 201 |  |  | — |  |  | — |  |  | — |
Interest Portion of Rentals 1 | 174 |  |  | 313 |  |  | 345 |  |  | 356 |  |  | 342 |
Preferred Stock Dividends of Subsidiaries | — |  |  | — |  |  | — |  |  | — |  |  | — |
Capitalized Interest | 540 |  |  | 552 |  |  | 495 |  |  | 358 |  |  | 284 |
Total Fixed Charges | $ | 848 |  |  | $ | 1,066 |  |  | $ | 840 |  |  | $ | 714 |  |  | $ | 626 |
Ratio of Earnings to Fixed Charges 2 | 7.15 |  |  | — |  |  | 5.41 |  |  | 41.25 |  |  | 56.17 |
___________________ |  |  |  |  |  |  |  |  |
1 Calculated as one-third of rentals. Considered a reasonable approximation of interest factor.
2 The ratio coverage for the year ended December 31, 2016 was less than 1. Additional earnings of $3.9 billion would have been required to achieve a coverage of 1.

63