press release

Texaco Press Release - Ira D. Hall Joins Texaco as General Manager of Alliance Management

FOR RELEASE: THURSDAY, MAY 21, 1998.

WHITE PLAINS, N.Y., May 21 - Ira D. Hall has been appointed to the newly created position of General Manager, Alliance Management for Texaco, it was announced today by Patrick J. Lynch, Senior Vice President of Texaco Inc. and Chief Financial Officer. Hall, who will join Texaco effective June 1, 1998, was most recently Director of Business Development, Global Services at IBM. In his new position, Hall, 53, will be responsible for alliance management, specifically Texaco's downstream ventures in the U.S. with Shell and Saudi Refining, Inc. and the Caltex joint venture with Chevron.

In making the announcement, Lynch commented, "Texaco has a long-held strategic focus on active alliance management, and the establishment of this new position will ensure that we can maximize the benefits of the alliances by capturing efficiencies and sharing best practices across our alliance portfolio."

Glenn F. Tilton, Senior Vice President of Texaco Inc. and President of Texaco's Global Business Unit, added, "Ira Hall has an established track record of success in global business relationships, which will serve Texaco well. His focus on growing profitability, boosting market share and generating greater cash flow will strengthen our ability to achieve our ambitious growth plans for Texaco and for our alliances."

Hall holds a bachelor of science degree in electrical engineering from Stanford University and a master's degree in business administration from Stanford's Graduate School of Business.

After joining IBM in 1985, Hall held a series of positions of increasing responsibility, including Director of International Operations, Treasurer of IBM US, Controller of IBM World Trade Corporation, and Chairman and Chief Executive Officer of IBM WTC Insurance Corporation. Prior to joining IBM, Hall was Senior Vice President of the New York investment banking firm of L. F. Rothschild, Unterberg, Towbin, Inc.

Hall currently serves on the board of the Jackie Robinson Foundation and the board of directors of Southern New England Telecommunications Corporation (SNET). He has previously served on the board of trustees of Stanford University, the distribution committee of the San Francisco Foundation, and was a Presidential Appointee as a Governor of the U.S. Postal Service. Hall also served as chairperson of the national advisory board to the Thrift Depositor Protection Oversight Board.

Hall will be located at Texaco's offices in Harrison, N.Y.

Updated: May 1998