CHEVRON CORP - FORM 10-Q - EX-12.1 - EXHIBIT 12.1 - August 2, 2018

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Exhibit 12.1
CHEVRON CORPORATION — TOTAL ENTERPRISE BASIS
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 
 
 
 
 
 
 
 
 
 
 
Six Months
Ended
June 30, 2018
 
Year Ended December 31
 
 
2017
 
2016
 
2015
 
2014
 
 
Net Income (Loss) Attributable to Chevron Corporation
$
7,047

 
$
9,195

 
$
(497
)
 
$
4,587

 
$
19,241

Income Tax Expense (Benefit)
2,897

 
(48
)
 
(1,729
)
 
132

 
11,892

Distributions Less Than Equity in Earnings of Affiliates
(1,799
)
 
(2,214
)
 
(1,227
)
 
(760
)
 
(2,202
)
Noncontrolling Interests
34

 
74

 
66

 
123

 
69

Previously Capitalized Interest Charged to Earnings During Period
126

 
197

 
89

 
120

 
100

Interest and Debt Expense
376

 
307

 
201

 
—

 
—

Interest Portion of Rentals 1
132

 
240

 
313

 
345

 
356

Earnings Before Provision for Taxes and Fixed Charges
$
8,813

 
$
7,751

 
$
(2,784
)
 
$
4,547

 
$
29,456

 
 
 
 
 
 
 
 
 
 
Interest and Debt Expense
376

 
307

 
201

 
—

 
—

Interest Portion of Rentals 1
132

 
240

 
313

 
345

 
356

Preferred Stock Dividends of Subsidiaries
—

 
—

 
—

 
—

 
—

Capitalized Interest
88

 
595

 
552

 
495

 
358

 
 
 
 
 
 
 
 
 
 
Total Fixed Charges
$
596

 
$
1,142

 
$
1,066

 
$
840

 
$
714

 
 
 
 
 
 
 
 
 
 
Ratio of Earnings to Fixed Charges 2
14.79

 
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.

44

CHEVRON CORP Reports