EX-12.1 2 a03312018ex121ratios.htm EXHIBIT 12.1
Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

| Three Months Ended March 31, 2018 |  | Year Ended December 31
|  | 2017 |  | 2016 |  | 2015 |  | 2014
Net Income (Loss) Attributable to Chevron Corporation | $ | 3,638 |  |  | $ | 9,195 |  |  | $ | (497 | ) |  | $ | 4,587 |  |  | $ | 19,241 |
Income Tax Expense (Benefit) | 1,414 |  |  | (48 | ) |  | (1,729 | ) |  | 132 |  |  | 11,892 |
Distributions Less Than Equity in Earnings of Affiliates | (998 | ) |  | (2,214 | ) |  | (1,227 | ) |  | (760 | ) |  | (2,202 | )
Noncontrolling Interests | 21 |  |  | 74 |  |  | 66 |  |  | 123 |  |  | 69 |
Previously Capitalized Interest Charged to Earnings During Period | 61 |  |  | 197 |  |  | 89 |  |  | 120 |  |  | 100 |
Interest and Debt Expense | 159 |  |  | 307 |  |  | 201 |  |  | — |  |  | — |
Interest Portion of Rentals 1 | 61 |  |  | 240 |  |  | 313 |  |  | 345 |  |  | 356 |
Earnings Before Provision for Taxes and Fixed Charges | $ | 4,356 |  |  | $ | 7,751 |  |  | $ | (2,784 | ) |  | $ | 4,547 |  |  | $ | 29,456 |
Interest and Debt Expense | 159 |  |  | 307 |  |  | 201 |  |  | — |  |  | — |
Interest Portion of Rentals 1 | 61 |  |  | 240 |  |  | 313 |  |  | 345 |  |  | 356 |
Preferred Stock Dividends of Subsidiaries | — |  |  | — |  |  | — |  |  | — |  |  | — |
Capitalized Interest | 68 |  |  | 595 |  |  | 552 |  |  | 495 |  |  | 358 |
Total Fixed Charges | $ | 288 |  |  | $ | 1,142 |  |  | $ | 1,066 |  |  | $ | 840 |  |  | $ | 714 |
Ratio of Earnings to Fixed Charges 2 | 15.13 |  |  | 6.79 |  |  | — |  |  | 5.41 |  |  | 41.25 |
___________________ |  |  |  |  |  |  |  |  |
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.

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