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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
___________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 2, 1995
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TEXACO INC.
(Exact name of registrant as specified in its charter)
Delaware 1-27 74-1383447
(State or other jurisdiction of (Commission File (I.R.S. Employer
incorporation) Number) Identification Number)
2000 Westchester Avenue, 10650
White Plains, New York (Zip Code)
(Address of principal executive offices)
(914) 253-4000
(Registrant's telephone number, including area code)
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Item 5. Other Events
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1. On October 2, 1995, the Registrant announced that as a result of its
ongoing overhead reduction initiative, it will record a third quarter 1995
after-tax charge of approximately $55 million for the cost of additional
employee separations. Also included in the third quarter 1995 results will
be a $27 million gain from the sale of the Registrant's interest in Pekin
Energy Company and tax benefits of some $45 million realized through the
sale of an interest in a subsidiary.
In this connection, on October 2, 1995, the Registrant issued a press
release entitled "Texaco To Record Third Quarter Charge For Ongoing
Overhead Reduction Initiative", a copy of which is attached hereto as
Exhibit 99.1 and made a part of hereof.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
99.1 Copy of press release issued by Texaco Inc. dated October 2, 1995,
entitled "Texaco To Record Third Quarter Charge For Ongoing Overhead
Reduction Initiative."
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TEXACO INC.
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(Registrant)
By: R. E. KOCH
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(Assistant Secretary)
Date: October 3, 1995
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EXHIBIT 99.1
TEXACO TO RECORD THIRD QUARTER CHARGE
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FOR ONGOING OVERHEAD REDUCTION INITIATIVE
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FOR RELEASE: MONDAY, OCTOBER 2, 1995.
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WHITE PLAINS, N.Y., Oct. 2 - Texaco said today that the continued
successful application of its ongoing overhead reduction initiative will result
in a third quarter 1995, after-tax charge to earnings of approximately $55
million for the cost of additional employee separations.
As a component of the company's plan for growth announced in July 1994,
this initiative originally anticipated savings of $300 million annually, which
are being realized. Additional programs focused on outsourcing some
activities, further reduction of layers of supervision and business process
improvements will result in expected savings to the company of an additional
$150 million annually by the end of 1996.
By year-end 1996, the focused overhead reduction initiative will have
effected workload reductions and non-core asset sales that result in 4,000
fewer positions worldwide compared with June 1994, of which more than 2,500
already have been realized. These reductions were, and will be, accomplished
through normal attrition, retirements and limited separations.
Also included in the third quarter 1995 results will be a $27 million
gain from the previously announced sale of the company's interest in Pekin
Energy Company and tax benefits of some $45 million realized through the sale
of an interest in a subsidiary.
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CONTACT: David J. Dickson (914) 253-4128