EXHIBIT 11
TEXACO INC.
COMPUTATION OF CONSOLIDATED EARNINGS PER SHARE OF COMMON STOCK
FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 1999 AND 1998
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(millions of dollars, except as noted)
(Unaudited)
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For the six months For the three months
ended June 30, ended June 30,
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1999 1998 1999 1998
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Basic Earnings Per Common Share:
Income before cumulative effect of accounting change
less preferred stock dividend requirements $ 449 $ 574 $ 263 $ 329
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Average shares outstanding (thousands) 526,965 531,232 527,700 530,550
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Basic income before cumulative effect of accounting
change per common share (dollars) $ 0.85 $ 1.08 $ 0.50 $ 0.62
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Diluted Earnings Per Common Share:
Income before cumulative effect of accounting change
less preferred stock dividend requirements $ 449 $ 574 $ 263 $ 329
Adjustments, mainly ESOP preferred stock dividends
in 1998 2 17 1 8
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Income before cumulative effect of accounting change
for diluted earnings per share $ 451 $ 591 $ 264 $ 337
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Average shares outstanding (thousands) 526,965 531,232 527,700 530,550
Adjustments, mainly ESOP preferred stock in 1998 2,675 19,366 2,536 19,225
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Shares outstanding for diluted computation (thousands) 529,640 550,598 530,236 549,775
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Diluted income before cumulative effect of accounting
change per common share (dollars) $ 0.85 $ 1.07 $ 0.50 $ 0.61
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