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TEXACO ANNOUNCES YEAR-END 1991 PETROLEUM RESERVES; RESERVE ADDITIONS REPLACE 98 PERCENT OF 1991 WORLDWIDE EQUITY PRODUCTION

     TEXACO ANNOUNCES YEAR-END 1991 PETROLEUM RESERVES; RESERVE


ADDITIONS REPLACE 98 PERCENT OF 1991 WORLDWIDE EQUITY PRODUCTION
    WHITE PLAINS, N.Y., March 2 /PRNewswire/ -- Texaco Inc. (NYSE: TX) today reported that at year-end 1991 it had 2.711 billion barrels of worldwide net proved liquid reserves and 6.277 trillion cubic feet of worldwide net proved natural gas reserves, including equity reserves in an affiliate.
    Continuing the company's strong performance in exploration and production, on a worldwide basis for 1991, Texaco added volumes to its reserve base equal to 98 percent of its combined oil and gas production, including equity reserves but excluding purchases and sales.  For the three year period, 1989-1991, Texaco's reserve additions averaged 108 percent of worldwide equity production.  In the U.S., reserve additions replaced 80 percent of the combined oil and gas production in 1991.
    For 1991, Texaco's finding and development costs were $4.95 per barrel, continuing the competitive performance of prior years, resulting in per-barrel finding and development costs averaging $3.97 over the 1989-1991 period.
    Excluding purchases and sales, 61 percent of the worldwide reserve additions in 1991 were in the categories of new fields, new sands, extensions and enhanced recovery operations.  These reserve additions were realized from activities in the North Sea, Angola, Nigeria, Canada, Australia, Trinidad and Indonesia, as well as in the United States.
    "Texaco's success in adding to its reserves confirms our belief in the value of strategic planning and balancing risk in the upstream area," said James W. Kinnear, president and chief executive officer of Texaco Inc.  "Our results, particularly over the past three years, are evidence that a consistent and selective reserve replacement program pays off.
    "Our worldwide exploration program continued to yield a large portion of our additions to reserves in 1991, with new oil and gas discoveries or extensions of existing fields in the U.K. and Danish North Sea, Indonesia, and Australia, as well as onshore and offshore the United States.  And we added significantly to our reserves through enhanced oil recovery activities in West Texas and Indonesia," Kinnear added.
    For 1991, revisions accounting for 39 percent of Texaco's reserve additions, also contributed to the company's solid record in reserve replacement.  For the three-year period, 1989-1991, revisions were 36 percent of total additions, excluding purchases and sales.
    The following data sheet shows Texaco's worldwide and domestic reserves picture for the last three years.
                         TEXACO'S RESERVE PICTURE
                            Three-Year Summary
               (Including Equity in an Affiliate Company)
                             Net Proved        Production
                              Reserves(A)   Replacement Percentage(B)
    1991
    Worldwide Reserves:
    Liquids                     2,711            87
    Natural Gas                 6,277           122
    U.S. Reserves:
    Liquids                     1,547            72
    Natural Gas                 4,697            91
    Worldwide Combined
      Liquids and Gas(C):       3,757            98
    1990
    Worldwide Reserves:
    Liquids                    2,753            121
    Natural Gas                6,138            119
    U.S. Reserves:
    Liquids                    1,600            121
    Natural Gas                4,849            106
    Worldwide Combined
      Liquids and Gas(C):      3,776            120
    1989
    Worldwide Reserves:
    Liquids                    2,687           106
    Natural Gas                6,002           104
    U.S. Reserves:
    Liquids                    1,565            79
    Natural Gas                4,834            93
    Worldwide Combined
      Liquids and Gas(C):      3,687          105
    (A) Estimated net proved developed and undeveloped reserves in millions of barrels of liquids and billions of cubic feet of gas.
    (B) Excludes purchases and sales of reserves.
    (C) In millions of barrels of oil equivalent, with gas converted to its oil equivalent at 6,000 cubic feet per barrel.
    -0-                3/2/92
    /CONTACT:  Margaret C. Flesher of Texaco, 914-253-6068/
    (TX) CO:  Texaco Inc. ST:  New York IN:  OIL SU: SM -- NY082 -- 4147 03/02/92 16:27 EST
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Date:Mar 2, 1992
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