Marathon Ashland Petroleum LLC and Marathon Oil Company License Triple Point Technology's TEMPEST Trader
Leading oil producer, refiner, and marketer to use Triple Point software to manage its U.S. trading operations
50th major organization to adopt Triple Point's commodity trading business system
WESTPORT, Conn., November 13, 2000 - Triple Point Technology, Inc. (www.tpt.com), a global leader in providing enterprise-wide energy trading business systems, today announced an agreement to provide its TEMPEST Trader solution to Marathon Ashland Petroleum LLC (MAP) and Marathon Oil Company (MOC) for their crude and product trading operations.
MAP and MOC will be using Triple Point's TEMPEST Trader system for real-time position and risk management reporting for their trading operations in Findlay, Ohio and Houston, Texas.
"We chose Triple Point's TEMPEST Trader product to manage our trading activities and provide real-time risk analysis and position tracking," said Mike Gothard, Manager, Risk Management for Marathon Ashland Petroleum LLC. "TEMPEST Trader is built with the trader in mind, and we look forward to the added control it will give us in our trading and risk management activities. Triple Point's experience in oil trading systems, their impressive list of users, and the functionality available in TEMPEST Trader helped us in making our decision."
Peter Armstrong, Triple Point Technology principal and director of business development said, "We are pleased to add Marathon Ashland Petroleum and Marathon Oil Company to our growing list of major oil refiners. This license also marks Triple Point's 50th major client -- an exciting achievement for the company."
About Marathon Ashland Petroleum LLC
Based in Findlay, Ohio, Marathon Ashland Petroleum LLC (MAP), owned 62 percent by Marathon Oil Company -- a part of USX-Marathon Group (NYSE: MRO) -- and 38 percent by Ashland Inc. (NYSE: ASH), is the nation's fifth largest refiner with nearly 1,000,000 barrels-per-day of refining capacity. MAP operates the second largest chain of company-owned and -operated retail gasoline outlets in the nation and commands $7.0 billion in assets. The company supplies approximately 3,100 branded stations in 12 states. Its subsidiary, Speedway SuperAmerica, owns and operates about 2,300 retail marketing outlets in 19 states under various brands, including Speedway, Starvin' Marvin, United, Bonded, SuperAmerica, and Rich Oil. The company's operations stretch across 23 states with refining, transportation, and marketing systems positioned to respond to market changes and challenges.
About Marathon Oil Company
Based in Houston, Texas, Marathon Oil Company is part of the Marathon Group (NYSE: MRO), a unit of USX Corporation. Marathon is involved in worldwide exploration, production, transportation, and marketing of crude oil and natural gas. Marathon's production currently flows from such varied global locations as the United Kingdom, Canada, Ireland, Gabon, the Netherlands, and Norway. Marathon's domestic exploration and production operations are focused on the Gulf of Mexico, West Texas, East Texas, Oklahoma, New Mexico, Wyoming, and Alaska.
About TEMPEST Trader
TEMPEST Trader is a real-time position management and mark-to-market P/L reporting system designed specifically for oil and oil product traders. The system enables trading organizations to efficiently manage their transactions, hedge their positions, and make better trading decisions.
About Triple Point Technology, Inc.
Triple Point Technology, Inc. (www.tpt.com) provides fully-integrated commodities trading business systems to major oil companies, investment banks, utilities, metal producers, and other global trading organizations. The company leverages technical, business, and trading expertise to help customers reengineer their business processes and develop efficient commodities trading business systems.
Founded in 1993, Triple Point is headquartered in Westport, Connecticut and operates satellite offices in New York, Houston, London, and Singapore. The company's multi-commodity trading clients include: ARCO Aluminum, Koch Industries, BP, Morgan Stanley, Weyerhaeuser, Petronas, Glencore, Emirates National Oil Company (ENOC), Transammonia, Amerada Hess, Noranda Aluminum, DSM Hydrocarbons, Trafigura, Williams Energy, and Rudolf Wolff.
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