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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
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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):
July 1, 1998
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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. Texaco Inc., Shell Oil Company and Saudi Aramco announced the
formation and operational start-up, effective July 1, 1998, of
Motiva Enterprises LLC, a joint venture combining major
elements of the three companies' eastern and Gulf Coast U.S.
refining and marketing businesses. Shell has 35 percent
ownership and Texaco and Saudi Refining, Inc., a corporate
affiliate of Saudi Aramco, each have 32.5 percent ownership of
the company.
In this connection, on July 1, 1998, the Registrant issued a
Press Release entitled "Texaco, Shell and Saudi Aramco
Announce Formation and Operational Start Up of Motiva
Enterprises," a copy of which is attached hereto as Exhibit
99.1 and made a part hereof.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
99.1 Press Release issued by the Registrant dated July 1, 1998,
entitled "Texaco, Shell and Saudi Aramco Announce Formation
and Operational Start Up of Motiva Enterprises."
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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: July 1, 1998
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EXHIBIT 99.1
TEXACO, SHELL AND SAUDI ARAMCO ANNOUNCE
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FORMATION AND OPERATIONAL START-UP OF MOTIVA ENTERPRISES
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FOR IMMEDIATE RELEASE: WEDNESDAY, JULY 1, 1998.
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WHITE PLAINS, N.Y., July 1 -- Texaco Inc., Shell Oil Company and Saudi
Aramco today announced the formation and operational start-up of Motiva
Enterprises LLC, a joint venture combining major elements of the three
companies' eastern and Gulf Coast U.S. refining and marketing businesses. Shell
has 35 percent ownership and Texaco and Saudi Refining, Inc., a corporate
affiliate of Saudi Aramco, each have 32.5 percent ownership of the company.
Motiva Enterprises LLC, headquartered in Houston, will market under
the Texaco and Shell brands. L. Wilson Berry, formerly President of Texaco
Refining and Marketing Inc., is President and Chief Executive Officer of Motiva
Enterprises.
In January 1998, Texaco and Shell announced the formation and
operational start-up of a separate joint venture under the name Equilon
Enterprises LLC. Equilon Enterprises combines the major elements of Texaco's and
Shell's western and Midwestern U.S. refining and marketing businesses and their
nationwide transportation and lubricants businesses. Texaco has a 44 percent
ownership in Equilon Enterprises and Shell owns 56 percent of the company.
In addition to Motiva Enterprises, the companies also announced the
formation of two jointly owned units that will support the operations of both
Motiva Enterprises and Equilon Enterprises. Equiva Services LLC will provide
administrative support services to the joint venture companies, while Equiva
Trading Company will function as the companies' trading unit.
Seth L. Sharr, formerly President and CEO of Star Enterprise, the
refining and marketing joint venture between subsidiaries of Texaco and Saudi
Aramco, will be President of Equiva Services LLC. Arthur A. Nicoletti, formerly
President of Texaco Trading and Transportation Inc., will serve as President of
Equiva Trading Company.
Both units will be based in Houston.
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- 2 -
The exploration, production and chemical businesses of Shell, Texaco
and Saudi Aramco are not included in either of the alliances.
Texaco Inc. is based in White Plains, N.Y. Shell Oil Company is a
Houston-based affiliate of the Royal Dutch/Shell Group of Companies. Saudi
Aramco is the state-owned oil company of the Kingdom of Saudi Arabia. The
company's U.S. corporate affiliate Saudi Refining, Inc. is based in Houston.
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For more information contact: Shell Oil Company
Kitty Borah, Stacy Hutchinson, 713-241-4544
Sarah Payne
Texaco
Paul Weeditz (Houston) 713-752-6475
Shawn Frederick (Houston) 713-752-4672
Saudi Refining, Inc.
Henry Hayes 713-432-4149
Bill Tracy 713-432-4645
