ALFRED C. DECRANE, JR,. TO RETIRE AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF TEXACO INC. IN JULY; PETER I. BIJUR TO SUCCEED HIM AS CHAIRMAN AND CHIEF EXECUTIVE OFFICER.

announced today that Alfred C. DeCrane, Jr., will retire as Chairman of the Board of Directors and Chief Executive Officer of the company on July 1, 1996. The Board also announced that it had elected Peter I. Bijur a Director of Texaco and that he would become the Chairman and Chief Executive effective upon DeCrane's retirement.

Bijur, 53, currently a Senior Vice President with oversight responsibilities for Texaco's Europe, Latin America/West Africa and Middle East/Far East Divisions, immediately will assume the Director's position and serve as a Vice Chairman until DeCrane retires.

DeCrane will step down upon reaching the company's normal retirement age of 65, after more than 37 years with Texaco -- nine of them as Chairman of the Board and more than three years as Chief Executive Officer. Consistent with the company's governance procedures, DeCrane, upon retirement, also will relinquish his position on Texaco's Board of Directors, a position he has held since 1977.

Speaking on behalf of Texaco's Board, Thomas S. Murphy, Chairman of the Board's Committee of Non-Management Directors, said, "During Al DeCrane's tenure as Board Chairman, and then as the company's Chief Executive Officer, Texaco has refocused its strategies, capitalized on its core strengths and advanced significantly toward its vision of being one of the most admired, profitable and competitive companies in its industry. The enthusiasm and effectiveness of the Texaco organization under Al's leadership have been evidenced in the company's enhanced profitability and in the added value being created for Texaco shareholders."

Murphy added, "The company has a strong senior management team from which to select Al's successor to sustain the momentum Texaco has made in achieving its stretch targets. Peter Bijur was keenly involved in the development of Texaco's plans for growth and the implementation of key elements of those plans. He also has played an important role on the company's Operations and Strategy Group, which is responsible for the focus and execution of these growth initiatives."

"I applaud the outstanding contributions made by the Texaco team across the world," said DeCrane. "It has been a privilege to be associated with them. They have embraced the challenge of raising the level of their, and the company's, performance and have focused on quality, urgency and growth in their plans and targets. The experienced executive team represented by our Operations and Strategy Group has plans in place for continued solid, competitive growth. It was with great pride and confidence that I recommended Peter for the leadership role in further implementing these commitments."

Commenting on his selection, Bijur said, "I am honored by the Board's expression of confidence and support and anxiously accept the challenges of assuming these key roles in continuing to drive Texaco in its march toward greater profitability. Under Al's leadership, the company has established definitive objectives to increase earnings and grow the company. Texaco people worldwide have responded with tremendous enthusiasm and have set stretch objectives to do just that."

Over the eight years from 1988, when Texaco initiated its restructuring, through 1995, total shareholder return has been 268 percent, an average annual growth rate of 17.7 percent. The company has continued to replace its growing production through the addition of hydrocarbon reserves and repeatedly done so at finding and development costs in the top quartile of industry performance and has improved the efficiency and reliability of its worldwide refining system. Its technological innovations, from subsea offshore field developments, to environmentally improved products such as Clean System3 gasolines and ultra-low sulphur diesel products, are indicative of its programs for growth in shareholder value. -0-

NOTE TO EDITORS: Biographies and photos are available upon request.

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BIOGRAPHICAL INFORMATION ON:

ALFRED C. DeCRANE, JR.

Alfred C. DeCrane, Jr., Chairman of the Board and Chief Executive Officer of Texaco Inc., was born in Cleveland, Ohio, on June 11, 1931. He was graduated from the University of Notre Dame in 1953, and subsequently served a period of active duty with the Marine Corps. DeCrane received a law degree from Georgetown University in 1959, and joined Texaco that same year.

DeCrane was appointed Assistant to the Vice Chairman of the Board in 1965 and Assistant to the Chairman of the Board in 1967. The following year, he was appointed General Manager of the Producing Department - Eastern Hemisphere, and in September 1970 he was elected Vice President in charge of the Producing Department - Eastern Hemisphere.

In August 1976, he was elected Senior Vice President and General Counsel for Texaco Inc. He was elected to Texaco's Board of Directors in July 1977. As Senior Vice President of the company, he had executive responsibility for the Legal and Tax Departments, as well as the departments handling Eastern Hemisphere exploration and producing activities.

In October 1978, DeCrane was elected Executive Vice President and was named to the Board's Executive Committee. As Executive Vice President, he had responsibilities with regard to all petroleum activities in Europe, Canada, Latin America and West Africa; Middle East and Far East exploration and producing activities; oil trading and supply activities; alternate energy, technology, and research matters; and business ventures.

DeCrane was elected President of Texaco Inc. effective March 1, 1983, and Chairman of the Board of Texaco Inc. effective January 1, 1987. He was elected to his additional position as Chief Executive Officer of Texaco Inc. effective April 1, 1993.

DeCrane is a Director of CIGNA Corporation, Dean Witter, Discover & Co., CPC International, Inc., and the American Petroleum Institute, where he is Chairman of its Budget Advisory Committee and serves on its Executive and Public Policy Committees. He is a Trustee of the Committee for Economic Development and The Conference Board, and a member of the National Petroleum Council and The Business Roundtable. In addition, DeCrane is a member of the Board of Trustees of the University of Notre Dame and Managing Director of the Metropolitan Opera Association.

BIOGRAPHICAL INFORMATION ON:

PETER I. BIJUR

Peter I. Bijur, Senior Vice President of Texaco Inc., was born on October 14, 1942, in New York, N.Y. He was graduated with a bachelor of arts degree in political science from the University of Pittsburgh in 1964, and earned a master of business administration degree in marketing from Columbia University in 1966.

Bijur joined Texaco's domestic marketing operations in New York City that same year. Following a series of marketing assignments, he was appointed Manager of the Buffalo, N.Y., Sales District in 1971. In 1973 he was named Assistant to Management on the staff of the Senior Vice President of Public Affairs. He was appointed Staff Coordinator in the Strategic Planning Department in 1975, and Assistant to the Executive Vice President in 1977. In 1980 he was named Manager of Texaco U.S.A.'s manufacturing and marketing operations in the Rocky Mountains area.

Bijur was appointed Assistant to the Chairman of the Board in 1981, and was elected a Director of Texaco Canada Inc. and a Director and Senior Vice President of Texaco Trinidad Inc. the following year. He was elected a Vice President of Texaco Inc. in 1983. In 1984 he was named President of Texaco Oil Trading & Supply Company, with responsibility for worldwide purchases and sales of crude oil and petroleum products. Later that year he assumed new responsibilities as Vice President - Special Projects in Texaco's Executive Department, supervising the sale of selected assets, related to Texaco's acquisition of Getty Oil Company, that did not fit the company's long- term business strategy.

The Texaco Canada Board of Directors appointed Bijur to serve as President and Chief Executive Officer of that company in 1987, and he served in that capacity until Texaco Canada Inc. was sold in 1989.

Bijur was then appointed Chairman of London-based Texaco Limited, with responsibility for the Texaco group of companies conducting exploration, producing, manufacturing and marketing operations in the United Kingdom. In 1990 he assumed the additional responsibilities of President of Texaco Europe, which through the United Kingdom and other European subsidiaries conducts upstream and downstream operations across the continent. Bijur relinquished the position of Chairman of Texaco Limited in 1991, and returned to Texaco's Harrison, N.Y., offices, where he continued as head of Texaco Europe.

Bijur was elected a Senior Vice President of Texaco Inc. in May of 1992. In September of that year, he relinquished the position of President of Texaco Europe. In his current capacity, Bijur has oversight responsibilities for the following company units: Texaco Europe Division, Texaco Latin America/West Africa Division and Texaco Middle East/Far East Division.

Bijur is presently serving on the Board of Trustees of Middlebury College and is a member of the INROADS, Inc. National Honorary Board of Directors. He also is a Fellow both of the Institute of Petroleum and of the Royal Society of Arts in London. Bijur is a former board member of the Toronto Symphony Orchestra.

CONTACT: David J. Dickson

TEXACO INC.

914-253-4128