EXHIBIT 11
TEXACO INC. AND SUBSIDIARY COMPANIES
COMPUTATION OF EARNINGS PER SHARE OF COMMON STOCK
FOR THE NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
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(millions of dollars, except as noted)
(Unaudited)
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For the nine months For the three months
ended September 30, ended September 30,
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1998 1997 1998 1997
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Basic Net Income Per Common Share:
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Net income less preferred stock dividend requirements $ 776 $ 1,999 $ 202 $ 476
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Average shares outstanding (thousands) 529,433 519,553 525,836 520,003
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Basic net income per share (dollars) $ 1.47 $ 3.85 $ 0.38 $ 0.91
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Diluted Net Income Per Common Share:
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Net income less preferred stock dividend requirements $ 776 $ 1,999 $ 202 $ 476
Adjustments, mainly ESOP preferred stock dividends (a) 25 26 - 8
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Net income for diluted net income per share $ 801 $ 2,025 $ 202 $ 484
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Average shares outstanding (thousands) 529,433 519,553 525,836 520,003
Adjustments, mainly ESOP preferred stock (a) 19,142 20,487 546 20,190
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Shares outstanding for diluted computation (thousands) 548,575 540,040 526,382 540,193
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Diluted net income per share (dollars) $ 1.46 $ 3.75 $ 0.38 $ 0.90
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<FN>
(a) For the three months ended September 30, 1998, ESOP preferred stock had an
anti-dilutive effect and, therefore, is excluded from the computation of
diluted earnings per share .
</FN>