Texaco Replaces 166 Percent of Production

Texaco replaced 166 percent of its 1998 worldwide combined oil and gas production, excluding purchases and sales. Texaco's proved oil and gas reserves increased eight percent during 1998 to nearly 4.7 billion barrels of oil equivalent (BOE), the largest proved reserve base for the company since 1985. These reserves are comprised of 3.6 billion barrels of liquids and 6.5 trillion cubic ft. of natural gas. Worldwide finding and development costs in 1998 were $3.45 per BOE, nine percent lower than the previous year.