press release

Texaco Press Release - Texaco Announces Stock Repurchase Program

FOR IMMEDIATE RELEASE: MONDAY, MARCH 30, 1998.

WHITE PLAINS, N.Y., March 30 - Texaco Inc. announced today that it will purchase up to $1 billion of its common stock, subject to market conditions, through open market purchases or privately negotiated transactions. The company recently completed a program under which it purchased $650 million shares of its common stock during the last two years.

In making the announcement, Peter I. Bijur, Texaco Chairman and Chief Executive Officer, said, "Our strong financial performance has provided us the flexibility to implement this share repurchase program. Our confidence in Texaco's future operating and financial successes is permitting us to embark upon this new program at the same time that we are pursuing a strong investment program. This share repurchase program is consistent with our commitment to enhance value to our shareholders."

Updated: March 1998