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10-Q - 10-Q - CHEVRON CORPcvx03312017-10qdoc.htm
EX-32.2 - EXHIBIT 32.2 - CHEVRON CORPcvx03312017ex322cfo-sox906.htm
EX-32.1 - EXHIBIT 32.1 - CHEVRON CORPcvx03312017ex321ceo-sox906.htm
EX-31.2 - EXHIBIT 31.2 - CHEVRON CORPcvx03312017ex312cfo-sox302.htm
EX-31.1 - EXHIBIT 31.1 - CHEVRON CORPcvx03312017ex311ceo-sox302.htm
Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31
 
Three Months Ended
March 31, 2017
 
2016
 
2015
 
2014
 
2013
 
(Millions of dollars)
Net Income (Loss) Attributable to Chevron Corporation
$
2,682

 
$
(497
)
 
$
4,587

 
$
19,241

 
$
21,423

Income Tax Expense (Benefit)
430

 
(1,729
)
 
132

 
11,892

 
14,308

Distributions Less Than Equity in Earnings of Affiliates
(652
)
 
(1,227
)
 
(760
)
 
(2,202
)
 
(1,178
)
Noncontrolling Interests
17

 
66

 
123

 
69

 
174

Previously Capitalized Interest Charged to Earnings During Period
36

 
89

 
120

 
100

 
96

Interest and Debt Expense
51

 
201

 

 

 

Interest Portion of Rentals 1
55

 
313

 
345

 
356

 
342

Earnings Before Provision for Taxes and Fixed Charges
$
2,619

 
$
(2,784
)
 
$
4,547

 
$
29,456

 
$
35,165

 
 
 
 
 
 
 
 
 
 
Interest and Debt Expense
51

 
201

 

 

 

Interest Portion of Rentals 1
55

 
313

 
345

 
356

 
342

Preferred Stock Dividends of Subsidiaries

 

 

 

 

Capitalized Interest
165

 
552

 
495

 
358

 
284

 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
$
271

 
$
1,066

 
$
840

 
$
714

 
$
626

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges 2
9.66

 

 
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.

40