press release

Texaco Press Release - Texaco Announces the Formation of Texaco Energy Services LLC

New Company to Market Natural Gas and Power to Retail Customers

FOR RELEASE: THURSDAY, JULY 10, 1997.

HOUSTON, July 10 - Texaco today announced the formation of Texaco Energy Services LLC, a full-service retail marketing company designed to position Texaco to compete in the emerging, deregulated retail energy marketplace.

A wholly-owned affiliate of Texaco Natural Gas Inc., Texaco Energy Services will be based in Houston but will have direct access to all classes of energy consumers as competition unfolds across the United States.

According to Jack Abadie, Executive Vice President of the new company, "Texaco has a long history of marketing natural gas to local distribution companies and industrial customers. Additionally, through gasoline and lubricants marketing, Texaco has substantial experience and brand recognition in the retail marketplace. These attributes strongly position Texaco Energy Services to compete successfully for this new class of customer in the rapidly changing energy sector."

Both Texaco Natural Gas and Texaco Energy Services are operating units within the recently formed Texaco Global Gas and Power organization which unifies the company's worldwide expertise in natural gas, natural gas liquids, electric power, synthesis gas, and project development activities. The formation of Texaco Energy Services adds to this full spectrum of natural gas and energy marketing by offering products and services to the retail end user.

Texaco Energy Services will initially market services in the Shenango Valley region of Western Pennsylvania to more than 20,000 residential and commercial customers. Previously restricted to purchasing natural gas from their local utility, these customers will be given the opportunity to choose their natural gas supplier from a list of approved marketers, including Texaco Energy Services.

Updated: July 1997