press release

Texaco Press Release - Texaco Resumes Stock Repurchase Program

FOR RELEASE: MONDAY, MARCH 20, 2000.

WHITE PLAINS, N.Y., March 20 - Texaco Inc. announced today that it will resume its $1 billion common stock repurchase program. The program was suspended in 1998, with $450 million of common shares repurchased. The company will purchase shares of its stock, subject to market conditions, through open market purchases or privately negotiated transactions.

In making the announcement, Texaco Chairman and Chief Executive Officer Peter I. Bijur said, "Our strong earnings and cash flow this year provide Texaco with the flexibility to resume this repurchase program, while maintaining our high impact capital spending programs. We are confident in Texaco's continued operating and financial successes, and find the stock to be an attractive value. This repurchase program is consistent with our commitment to continue to enhance value to Texaco shareholders."

Updated: March 2000