EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
FOR THE NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1994 AND 1993
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(Millions of dollars, except per share amounts)
(Unaudited)
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For the nine months For the three months
ended September 30, ended September 30,
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1994 1993 1994 1993
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(Millions of dollars)
Primary Net Income Per Common Share
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Net income from continuing operations $ 598 $ 910 $ 281 $ 317
Net loss from discontinued operations (87) (181) - (175)
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Net income 511 729 281 142
Preferred stock dividend requirements (76) (77) (27) (26)
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Primary net income available for common stock $ 435 $ 652 $ 254 $ 116
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Average number of primary common shares
outstanding (thousands) 259,192 258,878 259,117 258,988
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Primary net income per common share $ 1.68 $ 2.52 $ .98 $ .45
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Fully Diluted Net Income Per Common Share
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Net income $ 511 $ 729 $ 281 $ 142
Preferred stock dividend requirements of non-dilutive
issues and adjustments to net income associated
with dilutive securities (76) (77) (18) (26)
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Fully diluted net income $ 435 $ 652 $ 263 $ 116
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Average number of primary common shares
outstanding (thousands) 259,192 258,878 259,117 258,988
Additional shares outstanding assuming full
conversion of dilutive convertible securities
into common stock (thousands):
Convertible debentures - 148 148 -
Series B ESOP Convertible
Preferred Stock - - 10,183 -
Series F ESOP Convertible
Preferred Stock - - 702 -
Other 69 149 67 71
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Average number of fully diluted common
shares outstanding (thousands) 259,261 259,175 270,217 259,059
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Fully diluted net income per common share $ 1.68 $ 2.52 $ .97 $ .45
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