                                  TEXACO

                                 10/27/93

             10/26/93 52-Wk-Rng FY/Q  EPS93  EPS94 PE94 NxtQtr LyQtr
Texaco Inc.     67.50   69-57   12/3   4.25   5.15 13.1   1.00  1.17


1.  Texaco reported third-quarter net per share from continuing operations of
$1.13, compared with $1.12 a year ago.  However, net per share this year was
after significant one-time items.  Underlying net per share from continuing
operations was $.89, compared with $1.17 last year.  The decline was totally
accounted for by sharply lower oil prices this year (prices were some $4.00
plus per barrel below the comparable 1992 quarter).  All of Texaco's segments
performed in line with or better than expectations, with the exception of
international exploration and production.  Earnings in this segment were only
$15 million compared with $82 million in the second quarter and $98 million a
year ago.  Lower oil prices accounted for a decline of some $20 million
relative to a year ago; in addition, earnings a year ago contained a $34
million tax adjustment.  These were expected. However, Texaco also incurred an
unusually high level of after-tax exploration expense due to a large number of
dry holes incurred in areas with low or no tax rates.  This resulted in an
unusually high level of exploration expense, which depressed earnings by about
$.10 per share.  Except for this anomaly in the foreign exploration/production
segment, all other major business areas were in line with or slightly better
than expectations.

2.  One-time items inflated net per share from continuing operations from $.89
to $1.13.  These items included special charges of $235 million related to
severance pay and environmental charges more than offset by credits due to tax
law changes and a tax benefit on asset sales.  Finally, Texaco has now begun
treating chemicals as a discontinued operation due to its pending sale as of
January 1, 1994.  Chemicals had a small operating loss for the quarter ($11
million), and the company also provided for a $164 million loss on the upcoming
sale of these operations.  Net per share after reflecting chemicals was lowered
to $.45, but this is not a number analysts will focus on.

