press release

Chevron Press Release - Chevron Christens New Tanker The J. Bennett Johnston In Korea

J. Bennett Johnston

SAN FRANCISCO, March 12, 1999 -- In a ceremony held today in Koje, Korea, Mrs. Mary Gunn Johnston christened the tanker vessel J. BENNETT JOHNSTON, named for her husband, who is a director of Chevron Corp.

The tanker J. BENNETT JOHNSTON is the second in a series of four new double hull very large crude carriers (VLCC's) being built by Samsung Heavy Industries Co. Ltd. at its Koje Island shipyard. Chevron will operate these tankers under long-term bareboat charters. The next vessel will be delivered later in 1999 and the last one in early 2000.

The 308,500 deadweight ton ship is one of the two largest double hull tankers in the company's owned and controlled fleet, bringing to 12 the number of double hull ships operated by Chevron. This addition is part of an ongoing company fleet retirement and renewal program started in 1990.

The ship will move crude from the Middle East to Chevron's U.S. Gulf coast and West Coast refineries. On each voyage, this VLCC will carry approximately 2.2 million barrels of oil, utilizing a state of the art, fully integrated navigation, engine, and steering bridge, with complete redundancy of all critical control systems.

J. Bennett Johnston, chief executive officer of Johnston & Associates, a governmental and business consulting firm, served in the U.S. Senate for 24 years. During his tenure as chairman of the Senate Committee on Energy and Natural Resources, he was recognized as the nation's pre-eminent legislator on energy policy, and played a key role in the 1992 passage of the National Energy Security Act. He was elected a member of Chevron's board in 1997.

Updated: March 1999