press release

Chevron Press Release - Executive Changes Announced For Chevron Shipping Company

SAN FRANCISCO, Jan. 24, 1994 — Chevron Shipping Company, Chevron Corporation's marine transportation subsidiary, announced today that its president, Douglas C. Wolcott, will retire April 1 after a distinguished 39–year Chevron career.

Also effective April 1, Thomas R. Moore will succeed Wolcott as president of Chevron Shipping Co. Moore is currently vice president and general manager, operations, of Chevron Shipping Company.

"Under Doug's leadership, Chevron Shipping has earned an unquestioned reputation for running one of the safest, well–maintained and efficient fleets in the worldwide industry," said Ken Derr, Chevron chairman and chief executive officer. "Chevron Shipping is well poised to maintain its high standards for safety, economic and environmental performance in the future."

Wolcott, 62, has served as Chevron Shipping president since 1984. During that time, Chevron Shipping:

— Consistently achieved the best major casualty safety record in the industry.

— Had one of the lowest oil spill records in the industry, averaging less than six barrels spilled out of about 500 million transported worldwide each year. In 1993, Chevron Shipping vessels spilled just 1 1/2 barrels of oil.

— Consistently had among the lowest employee injury rates in the industry.

— Modernized Chevron's fleet, with about 25 percent of the fleet today consisting of double–hull tankers.

— Navigated in and out of the war–torn Persian Gulf with no injuries or damage to any ships.

Wolcott has been an active leader in the shipping industry, serving as chairman or director for a number of organizations and associations. Wolcott served as the first chairman of the Marine Preservation Association, which was created by the industry to establish and fund the Marine Spill Response Corporation. The Marine Spill Response Corporation has the largest oil spill response capability in the world.

After earning a bachelor's degree in engineering at the University of California at Berkeley, and completing graduate work in petroleum engineering at the University of Southern California, Wolcott began his career at Chevron as an engineer in the company's oil producing operations. He subsequently served in positions of increasing responsibility that included assignments in the corporation's engineering department and the supply and transportation department.

In 1969, Wolcott transferred to Chevron Overseas Petroleum Company for assignments as chief engineer and production manager in Maracaibo, Venezuela. In 1972, he joined Chevron Shipping as assistant manager of the international fleet. He was subsequently named manager of the traffic and chartering division in 1974, vice president and general manager of the operations department in 1978, and president in 1984.

Moore, 48, who holds bachelor's and master's degrees in chemical engineering from Cornell University, began his Chevron career in 1968, and joined Chevron Shipping's maintenance and repair division as a supervisor in 1976. He served in positions of increasing responsibility in the shipping and refining sectors of the company. In 1985, he was named vice president and general manager for Irving Oil Ltd. He was elected to his current position in June, 1988.

Chevron Shipping manages one of the largest oceangoing private fleets in the world. In addition to 38 owned vessels, the organization has about 40 to 50 vessels under charter at any given time to meet tonnage requirements. Chevron Shipping employs about 2,500 people worldwide, of which about 2,250 are seagoing individuals.

Updated: January 1994