EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 1994 AND 1993
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(Millions of dollars, except per share amounts)
(Unaudited)
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For the six months For the three months
ended June 30, ended June 30,
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1994 1993 (a) 1994 1993 (a)
Primary Net Income Per Common Share ------- ------- ------- -------
- -----------------------------------
Net income from continuing operations $ 317 $ 593 $ 115 $ 312
Net loss from discontinued operations (87) (6) (87) (3)
------- ------- ------- -------
Net income 230 587 28 309
Preferred stock dividend requirements (49) (51) (25) (24)
------- ------- ------- -------
Primary net income available for common stock $ 181 $ 536 $ 3 $ 285
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Average number of primary common shares
outstanding (thousands) 259,230 258,824 259,275 258,848
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Primary net income per common share $ .70 $ 2.07 $ .01 $ 1.10
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Fully Diluted Net Income Per Common Share
- -----------------------------------------
Net income $ 230 $ 587 $ 28 $ 309
Preferred stock dividend requirements of non-dilutive
issues and adjustments to net income associated
with dilutive securities (49) (9) (25) (4)
------- ------- ------- -------
Fully diluted net income $ 181 $ 57 $ 3 $ 305
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Average number of primary common shares
outstanding (thousands) 259,230 258,824 259,275 258,848
Additional shares outstanding assuming full
conversion of dilutive convertible securities
into common stock (thousands):
Convertible debentures - 148 - 148
Series B ESOP Convertible
Preferred Stock - 10,526 - 10,506
Series C Variable Rate Cumulative
Preferred Stock - 4,454 - 4,454
Series E Variable Rate Cumulative
Preferred Stock - 6,370 - 6,370
Series F ESOP Convertible
Preferred Stock - 698 - 697
Other - 81 - 77
------- ------- ------- -------
Average number of fully diluted common
shares outstanding (thousands) 259,230 281,101 259,275 281,100
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Fully diluted net income per common share $ .70 $ 2.06 $ .01 $ 1.08
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<FN>
(a) Results for 1993 have been reclassified to separately identify
discontinued chemical operations (see Note 1).