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STAR ENTERPRISE AND TEXACO CORRECT FAIRFAX SETTLEMENT REPORTS

 STAR ENTERPRISE AND TEXACO CORRECT FAIRFAX SETTLEMENT REPORTS
 WHITE PLAINS, Sept. 8 /PRNewswire/ -- The Star Enterprise settlement in Fairfax, Va., on Friday has been incorrectly reported by various media sources, Star/Texaco said today.
 The confusion seems to stem from the erroneous reporting, as a cost to Star/Texaco, of the estimated $150 million market value of the properties, which are "value protected" under the settlement. The cost of the property protection portion of the settlement to Star/Texaco will be determined over the next ten years and may vary from no real cost at all to a small fraction of the $150 million estimated market value.
 While the terms of the settlement are confidential, some media reports of a cost of $50 million are approximately correct. This cost had been fully reserved by Star/Texaco.
 -0- 9/8/92
 /CONTACT: Anita Larsen of Texaco, 914-253-4155, or Joe Kelly of Star, 703-425-4049/
 (TX) CO: Texaco Inc.; Star Enterprise ST: Virginia, New York IN: OIL SU:


KD -- NY051 -- 7040 09/08/92 13:31 EDT
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Publication:PR Newswire
Date:Sep 8, 1992
Words:174
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