press release

Texaco Press Release - Dr. Bruce S. Appelbaum Elected Vice President of Texaco Inc.

FOR RELEASE: TUESDAY, FEBRUARY 29, 2000.

WHITE PLAINS, NY, Feb. 29 - Dr. Bruce S. Appelbaum has been elected Vice President of Texaco Inc. and appointed President of Worldwide Exploration and New Ventures, effective March 1, 2000, it was announced today by Texaco Chairman and Chief Executive Officer Peter I. Bijur. Appelbaum will continue to be responsible for finding and securing upstream resources through worldwide exploration, new ventures and acquisitions.

Commenting on the appointment, Bijur said, "One of the key elements of Texaco's business strategy is to carry out a highly focused exploration program designed to add high impact oil and gas reserves to our company's portfolio of upstream assets. Bruce has demonstrated his ability to lead Texaco's talented exploration team to outstanding achievements, most recently, with the billion barrel Agbami discovery offshore Nigeria. His exceptional level of exploration knowledge and experience, as well as his strong grasp of global business issues, make him ideally suited to lead our quest to successfully achieve this essential element of Texaco's strategic plan."

Appelbaum was graduated from the State University of New York at Buffalo with a bachelor of arts degree in geology in 1969. He earned a master of science degree in geological oceanography in 1971 and a doctorate in geological oceanography in 1974, both from Texas A&M University.

Appelbaum joined Texaco in 1990 as Division Manager of Texaco U.S.A.'s Offshore Exploration Division in New Orleans, with responsibility for offshore exploration in the Gulf of Mexico. In 1993, he was named Division Manager of the Offshore Division with responsibility for offshore exploration and production in the Gulf of Mexico. Prior to joining Texaco, Appelbaum held domestic and international exploration positions with independent oil and gas companies, including Domestic Exploration Manager for SEDCO Energy and Division Exploration Manager for Union Pacific Resources.

Appelbaum was named President - International Exploration for Texaco's Exploration and Production Division in 1996. Following a reorganization of Texaco's worldwide upstream operations, he was appointed Vice President of Worldwide Exploration on January 1, 1999.

Appelbaum is currently serving on the Advisory Board of the School of Earth Sciences at Stanford University and is Chairman of the American Geological Institute Foundation. He also serves on the Board of Directors for Child Advocates in Houston, Spindletop International, and the Houston Museum of Natural Science. He has previously served as Chairman of the Executive Committee on Exploration of the American Petroleum Institute, Industrial Liaison Committee of the American Association of Petroleum Geologists, and Vice Chairman of the Offshore Operators Committee.

Appelbaum will continue to be located in Houston.

Updated: February 2000