EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
FOR THE THREE MONTHS ENDED MARCH 31, 1998 AND 1997
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(Millions of dollars, except as noted)
(Unaudited)
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For the three months
ended March 31,
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1998 1997(a)
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Basic Net Income Per Common Share:
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Net income less preferred stock dividend requirements $ 245 $ 966
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Average shares outstanding (thousands) 531,914 519,282
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Basic net income per common share (dollars) $ 0.46 $ 1.86
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Diluted Net Income Per Common Share:
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Net income less preferred stock dividend requirements $ 245 $ 966
Adjustments, mainly ESOP preferred stock dividends 9 9
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Net income for diluted net income per share $ 254 $ 975
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Average shares outstanding (thousands) 531,914 519,282
Adjustments, mainly ESOP preferred stock 19,507 20,781
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Shares outstanding for diluted computation (thousands) 551,421 540,063
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Diluted net income per common share (dollars) $ 0.46 $ 1.80
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<FN>
(a) Reflects two-for-one stock split, effective September 29, 1997.
</FN>