press release

TEXACO RESPONDS TO MEDIA INQUIRIES REGARDING ALLEGATIONS IN NEW YORK TIMES ARTICLE

FOR RELEASE: MONDAY, NOVEMBER 4, 1996.

WHITE PLAINS, N.Y., Nov. 4 - Texaco was informed last week of new allegations regarding misconduct by certain current and former employees. These allegations relate to a pending employment discrimination lawsuit brought against Texaco and were reported in todays New York Times.

The following is a statement from Texaco:

If these allegations are true, they represent an outrageous violation of the companys core values and principles. Any such conduct is deplorable and will never be tolerated by Texaco.

Texaco has clear and vigorously-enforced policies against discrimination in the workplace. The company is committed to providing a work environment which reflects an understanding of diversity, and is free from all forms of discrimination, intimidation, and harassment. The company also prohibits conduct or language which is unwelcome, hostile, offensive, degrading, or abusive. Such conduct is unacceptable and will not be tolerated.

In addition, Texaco enforces strict policies regarding the retention and production of documents. If any documents related to this lawsuit were in fact concealed or destroyed, such conduct would constitute a clear violation of these policies.

Immediately upon learning of the allegations of misconduct, Texaco retained outside counsel, Michael Armstrong of Kirkpatrick and Lockhart, to conduct an extensive independent investigation to determine whether these allegations are true.

If the company through its investigation determines that the alleged misconduct occurred, it will take appropriate disciplinary action against the employees, which could include termination.

Texaco is determined to maintain an environment of respect for the individual and a work environment that allows every employee to develop and advance to the utmost of his or her abilities. We are dedicated to equal opportunity in all aspects of employment and will not allow any violation of law or company policies.

Updated: November 1996