EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 1998 AND 1997
-----------------------------------------------------------
(millions of dollars, except as noted)
(Unaudited)
-------------------------------------------------
For the six months For the three months
ended June 30, ended June 30,
-------------------- --------------------
1998 1997(a) 1998 1997(a)
---- ------- ---- -------
Basic Net Income Per Common Share:
Net income less preferred stock dividend requirements $ 574 $ 1,523 $ 329 $ 557
======= ======= ======= =======
Average shares outstanding (thousands) 531,232 519,328 530,550 519,375
======= ======= ======= =======
Basic net income per share (dollars) $ 1.08 $ 2.93 $ 0.62 $ 1.07
======= ======= ======= =======
Diluted Net Income Per Common Share:
Net income less preferred stock dividend requirements $ 574 $ 1,523 $ 329 $ 557
Adjustments, mainly ESOP preferred stock dividends 17 18 8 9
------- ------- ------- -------
Net income for diluted net income per share $ 591 $ 1,541 $ 337 $ 566
======= ======= ======= =======
Average shares outstanding (thousands) 531,232 519,328 530,550 519,375
Adjustments, mainly ESOP preferred stock 19,366 20,635 19,225 20,488
------- ------- ------- -------
Shares outstanding for diluted computation (thousands) 550,598 539,963 549,775 539,863
======= ======= ======= =======
Diluted net income per share (dollars) $ 1.07 $ 2.85 $ 0.61 $ 1.05
======= ======= ======= =======
<FN>
(a) Reflects two-for-one stock split, effective September 29, 1997.
</FN>