Irving Oil Selects Triple Point's Tempest XL to Manage Risks and Streamline Operations
Leading Northeastern petroleum refiner/retailer will use next-generation technology to manage trading workflow
WESTPORT, Conn., February 19, 2003 -- Triple Point Technology, Inc., the global leader in streamlining energy trading operations and providing tools that enable energy companies, utilities, and marketers to manage risks, announced today that Irving Oil has selected Triple Point's Tempest XL software to help the company manage its gasoline, diesel, heating oil, and lubricants trading and supply operations. Irving Oil's operations include a 250,000 barrels per day (bpd) refinery and a network of over 800 retail locations in North America.
Tempest XL will be deployed in Irving Oil's Saint John, New Brunswick corporate home office and will be used by traders, schedulers, and accountants at Irving Oil to manage detailed, real-time futures trading, value-at-risk position reports, and product scheduling. The system will monitor and forecast physical inventory positions by tank and product grade.
"After an extensive search lasting several months and with input from various consulting firms, Irving Oil is confident that Tempest XL will provide the best fit with our requirements for oil and refined products trading and risk management," said Kevin Scott, General Manager of Supply, Planning and Trading for Irving Oil. "We are looking forward to the benefits we expect to gain from this system."
"Irving Oil's Saint John refinery is the largest in Canada and one of the most sophisticated," said Peter F. Armstrong, president, Triple Point Technology, Inc. "Tempest XL will provide Irving Oil with a complete front- to back-office solution to manage workflows, streamline operations, and manage the risks inherent in today's oil markets. It will be a great tool combined with their innovative people and world class facility."
About Irving Oil
Founded in 1924, Irving Oil is the regional energy processing, transporting, and marketing company focusing on customer service and supply chain management. Irving Oil serves customers in Eastern Canada, Quebec, and New England with a range of finished energy products, including gasoline, diesel, home heating fuel, and complementary products and services. The company's network of retail stores throughout Eastern Canada and New England offers customers a wide variety of products and services, including grocery and snack items, bakeries, and convenience items, in addition to fuel. Irving Oil's 250,000 barrel per day Saint John Refinery is Canada's largest, and it produces fuels years ahead of environmental regulations.
About Triple Point Technology
Headquartered in Westport, Connecticut (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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