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Microcap & Penny Stocks : VLVT (was CSMA) -- Ignore unavailable to you. Want to Upgrade?

To: Gary Jacobs who wrote (7523)	6/10/1998 1:25:00 AM
From: Gary Jacobs	Read Replies (1) \| Respond to of 11708

candidate two...and i just started. early indication is there could be considerable demand for the coco-pit! Texaco 10-Q dated 5/13/1998 Item 1. Legal Proceedings- ------------------------- Reference is made to the discussion of Contingent Liabilities in Note 5 to the Consolidated Financial Statements of this Form 10-Q and to Item 3 of Texaco Inc.'s 1997 Annual Report on Form 10-K, which are incorporated herein by reference.Environmental Matters As of March 31, 1998, Texaco Inc. and/or its subsidiaries were parties to various proceedings, instituted by governmental authorities arising under the provisions of applicable laws or regulations relating to the discharge of materials into the environment or otherwise relating to the protection of the environment, none of which is material to the business or financial condition of the company. The following is a brief description of a new proceeding which, because of the amount involved, requires disclosure under applicable Securities and Exchange Commission regulations: On March 26, 1998, the Department of Justice and the U.S. Environmental Protection Agency sued Texaco Exploration and Production Inc. (TEPI) alleging that TEPI violated the Clean Water Act and the Oil Pollution Act due to leaks and spills at the Aneth unit, located in southeastern Utah. The complaint seeks $2.3 million and unspecified injunctive relief for spills between December 6, 1991 and the time of the complaint. Texaco 10-K dated 3/18/1998 Item 3. Legal Proceedings Litigation--Information relative to legal proceedings pending against Texaco Inc. and subsidiary companies is presented in Note 18, Contingent Liabilities, on page 61 of Texaco Inc.'s 1997 Annual Report to Stockholders, which note is incorporated herein by reference. As of December 31, 1997, Texaco Inc. and its subsidiaries were parties to various proceedings instituted or contemplated by governmental authorities arising under the provisions of applicable laws or regulations relating to the discharge of materials into the environment or otherwise relating to the protection of the environment, none of which is material to the business or financial condition of the company. The following is a brief description of pending proceedings and a settled proceeding which, because of the amounts involved, require disclosure under applicable Securities and Exchange Commission regulations. On June 9, 1992, an administrative complaint was served on Texaco Chemical Company ("TCC")* by the U.S. Environmental Protection Agency ("EPA"), Region VI, alleging certain violations of the State Implementation Plan at TCC's Port Neches, Texas chemical plant. The EPA is seeking civil penalties of $149,000. Texaco Inc. is contesting liability. On December 28, 1992, an administrative complaint was served on TCC by the EPA, Region VI, alleging hazardous waste, PCB, release notification and reporting violations at TCC's Port Neches chemical plant. The EPA is seeking civil penalties of $3.8 million and corrective action. Texaco Inc. is contesting liability. The EPA and the company agreed to consolidate this complaint with the above-referenced June 9, 1992 complaint, and the consolidated matter is pending before an EPA administrative law judge. On February 22, 1996, the Los Angeles Air Quality Management District issued a notice of violation of air quality regulations to Texaco Refining and Marketing Inc. ("TRMI"), a wholly-owned subsidiary, in connection with refrigerant use and maintenance at TRMI's Los Angeles refinery. Penalties may exceed $100,000. The U.S. Department of Justice has filed suit against Texaco Trading and Transportation Inc. ("TTTI"), a wholly-owned subsidiary, in connection with spills along pipelines in Kansas in 1991. The suit seeks civil penalties of approximately $4,200,000 and injunctive relief. TTTI has not been served with the complaint, and the parties continue to discuss this matter. An order was received in August 1996 from the EPA regarding spills of oil and produced water at the Aneth Producing Field in Utah in violation of the Clean Water Act. During December 1997, Texaco determined that proposed fines in this matter may exceed $100,000.- - ---------- * Texaco Chemical Company was sold on April 21, 1994 to Huntsman Corporation and, by agreement, Texaco Inc. retains obligations applicable to events occurring prior to the closing date.