SOURCE: Triple Point Technology

Triple Point Technology

February 24, 2010 10:30 ET

Hess Corporation Selects Triple Point Software to Manage Oil Trading, Risk, and Logistics

Solution-of-Choice for Energy Companies Seeking End-to-End Integrated Platform

WESTPORT, CT--(Marketwire - February 24, 2010) - Triple Point Technology®, the leading provider of multi-market commodity and enterprise risk management software solutions, announced today that Hess Corporation (NYSE: HES) has selected Commodity XL for Oil™ to manage its supply, trading, risk, and logistics for crude oil and refined products.

Hess Corporation is a Fortune 100 company engaged in the exploration, development, production, purchase, transportation, and sale of crude oil and natural gas, as well as the production and sale of refined petroleum products. The corporation also manufactures, purchases, trades, and markets refined petroleum and other energy products.

Hess required a proven front-to-back office solution for its value chain -- from trading and scheduling to planning and forecasting to back office and settlement. Triple Point's Commodity XL™ provides Hess with real-time visibility into market position and exposure, while PhysOps 'Visual Cockpit'™ provides Hess with supply chain logistics and inventory management support.

"Triple Point is committed to providing its customers with the most advanced software solutions to navigate financial exposure and make proactive business decisions," said Michael Schwartz, chief marketing officer, Triple Point. "Hess' selection of Commodity XL, along with other notable oil customers, including CITGO; SOCAR; Hellenic Petroleum; Sheetz; Suncor; Engen Petroleum; and Valero Energy Corporation, affirms that Triple Point is the solution-of-choice for energy companies seeking an integrated platform that streamlines business operations, eliminates errors associated with manual processes, and creates a framework for better energy trading and enterprise risk management."

About Triple Point Technology

Triple Point Technology® is the leading global provider of multi-market commodity and enterprise risk management software solutions. Triple Point's Commodity XL profitably integrates physical and financial markets on a real-time, service-oriented architecture (SOA) platform for commodities including power, oil, gas, coal, emissions, base and precious metals, agricultural products, biofuels and freight. In addition to Triple Point's award-winning commodity and energy trading software being used by more than 25 percent of both Global 500 commodity trading and Global 500 energy companies, other organizations with large raw material and energy exposure, including consumer products (CP), discrete manufacturers and big box retailers, are quickly adopting the Triple Point solution. Triple Point, headquartered in Westport, Connecticut, USA, was founded in 1993 and serves clients from eleven development and support centers located around the globe.

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