EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 1995 AND 1994
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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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1995 1994 1995 1994
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Primary Net Income Per Common Share
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Net income from continuing operations $ 563 $ 317 $ 262 $ 115
Discontinued operations - (87) - (87)
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Net income 563 230 262 28
Less: Preferred stock dividend requirements (31) (49) (15) (25)
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Primary net income available for common stock $ 532 $ 181 $ 247 $ 3
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Average number of primary common shares
outstanding (thousands) 259,749 259,230 259,876 259,275
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Primary net income per common share $ 2.05 $ .70 $ .95 $ .01
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Fully Diluted Net Income Per Common Share
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Net income $ 563 $ 230 $ 262 $ 28
Preferred stock dividend requirements of
non-dilutive issues and adjustments to net
income associated with dilutive securities (13) (49) (6) (25)
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Fully diluted net income $ 550 $ 181 $ 256 $ 3
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Average number of primary common shares
outstanding (thousands) 259,749 259,230 259,876 259,275
Additional shares outstanding assuming full
conversion of dilutive convertible securities
into common stock (thousands):
Convertible debentures 148 - 148 -
Convertible Preferred Stock
Series B ESOP 9,930 - 9,872 -
Series F ESOP 664 - 655 -
Other 78 - 50 -
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Average number of fully diluted common
shares outstanding (thousands) 270,569 259,230 270,601 259,275
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Fully diluted net income per common share $ 2.03 $ .70 $ .94 $ .01
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