press release

Texaco Press Release - David C. Codd Appointed Managing Director Texaco Ltd and Director

FOR IMMEDIATE RELEASE: WEDNESDAY, JANUARY 13, 1999.

HOUSTON, Jan. 13 -- David C. Codd has been named Managing Director, Texaco Ltd., and Director of New Business Development for Europe, Africa and the Caspian region for Texaco's worldwide upstream, it was announced today by Claire S. Farley, Vice President of Texaco Inc. and President of Exploration and New Ventures. The appointment became effective January 1, 1999.

This appointment is part of Texaco's recently announced worldwide upstream reorganization which was undertaken to place a greater emphasis on the company's long-term production and reserve growth and to address the need for streamlining costs and improving competitiveness. Codd will be part of the recently formed Exploration and New Ventures group and will focus on developing new business opportunities in Europe, Africa, and the Caspian region. Codd currently serves as Director and Chief Legal Advisor for Texaco Limited in the United Kingdom. In addition to his new responsibilities in Worldwide Upstream, David will serve as Managing Director of Texaco Ltd., responsible for midstream operations and shared services for the United Kingdom.

In making the announcement, Farley said, "David's proven track record of dealing with complex business negotiations makes him ideally suited to pursue opportunities to add valuable new oil and gas resources to Texaco's holdings in the Europe, Africa, and Caspian regions."

Codd graduated from Keble College, Oxford in 1976 with both BA and BCL degrees in law. Following a number of positions in the upstream oil industry, he joined Texaco in 1990 as Chief Legal Advisor in London. In 1994, he was appointed to the Board of Texaco Ltd.

Codd will remain in London in his new assignment and he will continue his oversight role for legal affairs in the London office.

Updated: January 1999