press release

Texaco Press Release - Texaco Inc. Announces 2-for-1 Stock Split and Dividend Increase

FOR IMMEDIATE RELEASE: FRIDAY, JULY 25, 1997.

WHITE PLAINS, N.Y., July 25 - Texaco Inc. announced today that its Board of Directors has approved a two-for-one split of Texaco's common stock. The additional shares will be distributed on September 29, 1997, to shareholders of record on September 11, 1997.

The Board also voted to increase the quarterly dividend to 90 cents per share (on a pre-split basis) from 85 cents per share, an increase of 5.9 percent. This dividend increase follows the third-quarter 1996 dividend increase of five cents per share. The dividend is payable on September 10, 1997, to shareholders of record on August 5, 1997.

"Today's actions to split our stock and increase our dividend reflect the confidence we have in achieving our plans to make Texaco a global energy leader," said Texaco Inc. Chairman and Chief Executive Officer Peter I. Bijur. "A consistent record of strong cash flows and earnings is the foundation of this goal and demonstrates the value we bring to our shareholders."

Updated: July 1997