press release

Texaco Press Release - Texaco Realigns North American Upstream Operations

Moves Will Facilitate Efficiency and Growth in North American Production

FOR IMMEDIATE RELEASE: MONDAY, NOVEMBER 17, 1997.

WHITE PLAINS, N.Y., Nov. 17 - Texaco today announced a series of organizational moves in its North America Production group designed to further strengthen the company's leadership position in the U.S. upstream industry.

Effective December 1, 1997, Texaco's North America Production unit will establish two business centers in New Orleans and Denver to provide more efficient resources and support for the producing businesses in the surrounding areas, and enable them to move faster and make decisions more effectively. North America Production will continue to be headquartered in Houston, Texas.

The New Orleans hub, which will serve the surrounding producing areas including the Deepwater Gulf of Mexico, Offshore Shelf, East Texas and Texas Gulf Coast and the Louisiana/Alabama Gulf Coast areas, will be led by Robert S. Lane, 48, Vice President, North America Production - East. Lane is presently Vice President- Producing in Denver, Colo., and will relocate to New Orleans.

"Robert Lane's long experience in the Gulf Coast area and his proven ability to optimize and grow production will serve him well in the continued development of our important Gulf Coast operations," said Claire S. Farley, Texaco Inc. Vice President and President of Texaco North America Production. "His thoughtful and highly respected leadership skills make him ideal for his new role."

The Denver Hub, will support Kern River, Midway, California Basin, Permian Basin, Mid-Continent, Rocky Mountains and Canada, and will be led by Stephen J. Hadden, 42, Vice President, North America Production - West. Hadden currently serves as Assistant to Texaco Chairman and Chief Executive Officer Peter I. Bijur at Texaco's executive offices in Harrison, N.Y., and will relocate to Denver.

"Steve Hadden's experience in growing production in California will strengthen our ability to readily assimilate the Monterey Resources acquisition, completed this month," said Farley. "His exceptional management skills and the deep understanding of the corporation's business strategies gained in his most recent assignment will enable him to guide the new organization in the development and execution of successful growth strategies."

"Over the past few years, North America Production has successfully found ways to make its operations more efficient," Farley said. "Today we are taking an important next step, to strengthen the ability of the regional businesses to add value by forming two highly efficient business hubs, which will be strategically located to support our producing operations. We intend to give our regional businesses more responsibility and accountability, and charge the two new business centers with providing the support and resources they need to move as quickly and efficiently as possible."

Updated: November 1997