press release

Texaco Press Release - Texaco Announces $4.7 Billion Capital Andexploratory Spending Plan

FOR RELEASE: FRIDAY, DECEMBER 17, 1999

WHITE PLAINS, N.Y., Dec. 17 - Texaco Chairman and CEO Peter I. Bijur announced the company's $4.7 billion capital and exploratory (capex) spending plan for the year 2000 during a meeting of the Oil Analysts Group of New York this afternoon. The plan represents a 20 percent increase over estimated 1999 capex spending of $3.9 billion.

Bijur stated that Texaco's capex plan, which includes subsidiaries and affiliates, calls for increased spending on the commercial development of high impact upstream projects in the Philippines, Kazakhstan, West Africa and the North Sea. This plan reflects the company's global strategy of focusing on high return, high margin projects.

Note: This press release contains forward-looking statements about Texaco's plans for capital and exploratory spending. These plans may change if business conditions, such as energy prices and world economic conditions, change. For a further discussion of additional factors that could cause actual results to materially differ from those in the forward-looking statements, please refer to the section entitled "Forward-Looking Statements" in Texaco's 1998 Annual Report on Form 10-K.

Updated: December 1999