OXY Selects Triple Point's Power XL.Business Editors/Energy Writers WESTPORT, Conn.--(BUSINESS WIRE)--Aug. 5, 2003 Triple Point Technology, the leading provider of fully integrated front- to back-office systems for energy marketing and other commodities, today announced Occidental Energy Marketing Inc. (OEMI (OEM Information) An IBM publication that describes the parallel channel interface. See parallel channel. ) has licensed its Power XL energy marketing and risk management system. Triple Point supports some of the largest volume energy commodity marketing and trading operations in the world, including Amerada Hess, BP, Petronas, Duke, and Cinergy. OEMI is an operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. Corporation (NYSE NYSE See: New York Stock Exchange : OXY), one of the world's largest independent oil and gas exploration and production companies and a major North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. chemical manufacturer. Historically, OEMI has participated in several energy markets, including crude oil, natural gas, NGLs, and chemicals. OEMI will use Power XL to manage its cogeneration/power operations. Power XL will enable OEMI to streamline its marketing operations, power procurement, asset optimization, and wholesale services. Power XL will provide a tightly-integrated, front- to back-office solution that will manage deal capture, risk, credit, FAS, scheduling, CAISO CAISO California Independent System Operator interface, and settlement. About Triple Point Technology Headquartered in Westport, Connecticut Westport is a coastal town in Fairfield County, Connecticut, in the United States. The 2004 population estimate was 26,644. The town is as affluent as other expensive Fairfield County towns, boasting a per capita income of more than $70,000. (U.S.A.), Triple Point Technology operates worldwide, with London and Singapore serving as international hubs. Triple Point is a major provider of commodity trading systems used by traders, CEOs, and CFOs at more than 70 multinational energy, power, and financial services firms including: Morgan Stanley, Duke Energy, Cinergy, PETRONAS, Koch Industries, Amerada Hess, and BP. Triple Point has realized 120% growth in revenue over the previous five years and has been recognized four times by Inc. magazine as one of the fastest growing companies in America for its performance since its inception in 1993. The company's flagship products, Tempest XL, Power XL, and Gas XL, provide producers, users, and traders of oil, electricity, and natural gas, respectively, the tools needed to streamline transaction processing, maximize efficiencies in the supply chain, and perform sophisticated risk analyses. |
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