EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK(a)
FOR THE NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
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(Millions of dollars, except per share amounts)
(Unaudited)
For the nine months For the three months
Primary Net Income Per Common Share ended September 30, ended September 30,
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1997 1996 1997 1996
Net income $ 2,041 $ 1,509 $ 490 $ 434
Less: Preferred stock dividend requirements (42) (43) (14) (14)
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Primary net income available for common stock $ 1,999 $ 1,466 $ 476 $ 420
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Average number of primary common shares
outstanding for computation of earnings
per share (thousands) 520,356 521,451 520,745 521,515
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Primary net income per common share $ 3.84 $ 2.81 $ .91 $ .80
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Fully Diluted Net Income Per Common Share
Net income $ 2,041 $ 1,509 $ 490 $ 434
Less: Preferred stock dividend requirements of
non-dilutive and anti-dilutive issues and
adjustments to net income associated with
dilutive securities (16) (18) (6) (6)
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Fully diluted net income $ 2,025 $ 1,491 $ 484 $ 428
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Average number of primary common shares
outstanding for computation of earnings
per share (thousands) 520,356 521,451 520,745 521,515
Additional shares outstanding assuming full conversion
of dilutiveconvertible securities into common stock
(thousands):
Convertible debentures 287 292 287 290
Convertible Preferred Stock
Series B ESOP 18,228 18,893 18,000 18,695
Series F ESOP 1,135 1,178 1,126 1,159
Other 294 125 229 237
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Average number of fully diluted common
shares outstanding for computation of earnings
per share (thousands) 540,300 541,939 540,387 541,896
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Fully diluted net income per common share $ 3.75 $ 2.75 $ .90 $ .79
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(a) Reflects two-for-one stock split, effective September 29, 1997.
</FN>