Texaco repurchased all of its preferred stock.

The oil company paid $52 a share, or a total of $656.6 million, for the 12.6 million shares of its preferred stock owned by the Bass family of Texas. The buy-back was part of a March, 1984, settlement with Texaco. The wealthy Texans made a $400-million profit on their 9.9% stake in the firm. Earlier, Texaco had paid $50 apiece for 13 million shares of its common stock and issued the preferred shares in exchange for an equal number of its common shares.