press release

Texaco Press Release - Richard A. D. Freeman, President And Chief Executive Officer Of Timan Pechora

FOR RELEASE: WEDNESDAY, MAY 19, 1999.

HOUSTON, May 19 -- Richard A. D. Freeman, has been named General Director of Texaco Petroleum Development Company, effective May 1, 1999, it was announced today by Claire S. Farley, Vice President of Texaco Inc. and President of Exploration and New Ventures. Freeman will continue to hold the position of President and Chief Executive Officer of Timan Pechora Company (TPC).

In making the announcement, Farley said, "Richard brings a wealth of operating experience, business acumen and knowledge of Russia to this position as leader of both the TPC team and Texaco's efforts in Russia."

As General Director of Texaco Petroleum Development Company, Freeman will manage the Texaco's exploration and production interests in Russia, including the company's participation in the TPC and the Sakhalin III (Kirinskiy Block) Project. This position was previously held by Ed Verona, who was today appointed General Director of Texaco's operations in Kazakhstan.

Freeman will continue to hold the position of President and CEO of TPC, with responsibility for overseeing the activities of TPC, an affiliate company owned by Texaco, Exxon and Norsk Hydro. The company was formed in 1994 to explore, appraise and develop oil fields within a contract area in Russia's Timan Pechora Basin.

Freeman was graduated from Oxford University with a BA in jurisprudence degree in 1967. He began his career in the oil industry with British Petroleum, working in various assignments in London, Nigeria and New York. He joined Texaco's Eastern Hemisphere Producing Department in 1973 as Coordinator for Iranian Consortium matters. Freeman later was appointed Assistant Manager - Middle East Operations, and served as Texaco's representative in the Aramco Study Group, a body that included representatives from each of the four U.S. companies that formed Aramco.

Freeman held successive assignments in Texaco's Affiliate Analysis, Oil Trading and Supply, and Corporate Planning and Economics departments beginning in 1985. He was named Executive Vice President of Texaco Middle East Limited in Dubai in 1990. Freeman returned to Texaco's corporate offices in Harrison, N.Y., in 1993, where he was responsible for the development of new business in the Caspian region and Central Asia. In 1995, he was named Vice President and Head of Representation for Texaco's operations in Russia and TPC in Moscow and later was appointed President and Chief Executive Officer of TPC.

Updated: May 1999