press release

CEO OF HEDDINGTON INSURANCE AND GENERAL MANAGER OF Texaco's RISK MANAGEMENT DEPARTMENT ELECTS EARLY RETIREMENT

FOR RELEASE: THURSDAY, JUNE 10, 1999.

WHITE PLAINS, N.Y., June 10 -- Jennifer B. Cartmell, Chief Executive Officer of Texaco's wholly owned subsidiary Heddington Insurance Limited and General Manager of Texaco's Risk Management Department has elected early retirement, effective July 1, 1999, it was announced today by Patrick J. Lynch, Texaco Inc. Senior Vice President and Chief Financial Officer. Thomas P. Dougherty, who currently is Assistant General Manager of Heddington, will succeed Cartmell

"Jennifer Cartmell's strong leadership skills and management expertise fostered a highly efficient and effective operation at Heddington, which directly benefited Texaco's financial results," remarked Lynch. "Her proven effectiveness and contributions will be missed."

Texaco's Risk Management Department is responsible for reviewing and managing risks for Texaco Inc. and a number of its subsidiaries, affiliates and joint ventures worldwide. Together with Heddington and its subsidiaries, it protects Texaco's operations from undue financial exposure caused by unforeseen circumstances.

Cartmell joined Heddington in 1994 as Senior Vice President and Chief Financial Officer of Heddington and was appointed to her current position in 1995.

Prior to joining Heddington, Cartmell served as Executive Vice President and Chief Operating Officer responsible for retail insurance brokerage operations for Willis Corroon Corporation of New York and also served in senior executive assignments for Corroon & Black Corporation. She also served as Vice President and Assistant Treasurer for Marsh & McLennan Companies, Inc., and held management positions at Chase Manhattan Bank. Cartmell was graduated from Smith College with a bachelor of arts degree.

Updated: June 1999