press release

Texaco Press Release - Texaco Receives Report on Independent Investigation, Provides to U.S. Attorney

TEXACO RECEIVES REPORT ON INDEPENDENT INVESTIGATION,
PROVIDES TO U.S. ATTORNEY

FOR IMMEDIATE RELEASE: WEDNESDAY, JANUARY 8, 1997.

WHITE PLAINS, N.Y., Jan. 8 - Texaco Inc. announced today that it has received the final report of the independent investigation conducted by outside attorney Michael Armstrong, who is with the New York office of Kirkpatrick & Lockhart L.L.P. The investigation examined the conduct revealed in taped conversations of four current or former Texaco employees related to the production of documents in a class action suit and allegations of the use of racial epithets.

Texaco has provided a copy of the final report to the Office of the United States Attorney for the Southern District of New York, which is investigating certain conduct that is the subject of the report. The U.S. Attorney has informed the company that release of the Armstrong report would interfere with the Government's ongoing investigation and therefore Texaco is not releasing the Armstrong report.

Mr. Armstrong was asked to undertake his investigation on October 31, 1996, by Texaco immediately following the revelation of taped conversations held in 1994 and 1995 among the four current or former employees. The conversations focused in part on the then-pending Roberts class action lawsuit alleging racial discrimination, in which the company has since reached an agreement in principle to settle. For his investigation, Mr. Armstrong was given full and complete access to Texaco records and personnel.

Updated: January 1997