press release

Texaco Press Release - Treasury Secretary Names Texaco Chairman to Lead U.S. Savings Bond Drive

Peter I. Bijur Accepts Charge to Head 1997 Drive to Increase Employee Bond Purchases and Enrollment in Payroll Savings Plan

FOR RELEASE: THURSDAY, MARCH 6, 1997

WHITE PLAINS, N.Y., March 6 - Texaco Inc. today announced that its Chairman and Chief Executive Officer Peter I. Bijur has accepted the invitation of U.S. Secretary of the Treasury Robert E. Rubin to serve as 1997 Chair of the Petroleum, Coal & Refining Industry Savings Bonds Campaign. In this capacity, Bijur will direct this year's program, under which employers in the industry will be asked to actively encourage their employees to buy U.S. Savings Bonds, principally by enrolling in the Payroll Savings Plan.

"I am pleased and honored to have been chosen for this important effort by Secretary Rubin," Bijur said. "I believe Savings Bonds are good for our nation, and can serve individual employees as part of a balanced savings program and a complement to employer-provided retirement and savings plans. On behalf of the petroleum, coal and refining industry, I will seek the patriotic support of employers and employees alike in making this 1997 U.S. Savings Bond Campaign a success."

As Chair of the industry campaign, Bijur will contact CEOs of other companies in the industry, urging them to participate vigorously in the Savings Bond Campaign, whose theme this year is "A Great Way to Save." Texaco will publish advertisements in industry publications, telling customers, suppliers and other oil, coal and refining companies about the need for Americans to save more, and how Savings Bonds and the Payroll Savings Plan address that need.

Texaco will also conduct an active Savings Bond Campaign within its own organization in May to increase the percentage of its U.S. employees who purchase bonds through payroll deductions.

"U.S. Savings Bonds are the most widely held security in the world today," Bijur said. "They offer an affordable package of outstanding benefits, including market-based interest rates, complete safety and security, liquidity and tax advantages. I urge everyone to consider investing in U.S. Savings Bonds as a disciplined, systematic way to build future security for themselves and their families."

Updated: March 1997