OTHER NEWS - Dec. 11, 1991

Texaco’s Capital Spending to Be Flat: Texaco Inc.’s capital spending plans for 1992 will be in line with 1991’s $3.6 billion, President and Chief Executive James W. Kinnear told a gathering of security analysts at the company’s executive offices in Harrison, N.Y. The announcement follows word that other oil companies plan to cut capital budgets and spending because of continuing weakness in the economy. Kinnear said about 55% of Texaco’s spending would go to exploration and production and 35% to refining and marketing, “roughly the same ratio as this year.”