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To: Micropicker who wrote (5828)	6/26/1998 4:23:00 PM
From: tonto	Respond to of 14347

Texaco has 3 different levels of management involved in this project. This slows the pace down dramatically, but is common in very large companies. (see Butt covering 101.)

To: Micropicker who wrote (5828)	6/26/1998 4:24:00 PM
From: Andrew H	Read Replies (1) \| Respond to of 14347

>>Is it then realistic that the completed deal would be passed up to Texaco higher management for further review and approval? Could that be what we are really waiting for? This fits with several hints from the annual meeting. << Sounds completely realistic to me. The TX bureaucracy is most likely piled high and deep. It probably takes a while for something like this to reach the top, especially with all the other things that are going on. The fact that OPEC decided to cut production significantly can't hurt. That would also make sense of the PR.