press release

Texaco Press Release - Texaco Releases Final Report of Independent Investigation

FOR IMMEDIATE RELEASE: MONDAY, JULY 14, 1997.

WHITE PLAINS, N.Y., July 14 - Texaco today released the final report of the independent investigation, requested by Texaco last fall, into allegations prompted by taped conversations made in 1994 regarding the Roberts v. Texaco discrimination case. This case was settled earlier this year.

The investigation was conducted by attorney Michael F. Armstrong of the firm of Kirkpatrick & Lockhart.

The 222-page report was provided simultaneously to Texaco and to the Office of the U.S. Attorney in January 1997. At that time, Texaco was informed that release of the report would interfere with the U.S. Attorney's ongoing investigation. Wishing to cooperate fully with the U.S. Attorney, Texaco did not release the report. Now that the U.S. Attorney has provided the report to attorneys for defendants in the criminal matter, and has advised Texaco that release will no longer interfere with the investigation, Texaco is making the report available.

Commenting on the report, Texaco Chairman and Chief Executive Officer Peter I. Bijur said, "We are releasing this now because, at the outset of this investigation, we said that we would follow the facts in this case wherever they may lead, take whatever action was necessary and report on these matters.

"What the independent investigation makes clear is that there were violations of Texaco's policies and Code of Conduct. All Texaco employees must maintain the highest ethical standards in the way we conduct ourselves in the workplace. That is why Texaco took swift and decisive actions toward the individuals involved in this situation after the report was delivered to us in January."

Updated: July 1998