press release

Chevron Press Release - Chevron Confirms Participation In Petrocore

SAN FRANCISCO, May 19, 2000 -- Chevron today confirmed it has become an initial subscriber to PetroCore, the first comprehensive web site for joint-interest accounting information exchange in the petroleum exploration and production industry.

PetroCore, announced earlier today by PricewaterhouseCoopers, will focus on information sharing among companies that jointly own oil fields, as well as royalty owners, venture partners, service companies and others. PetroCore is one of several web-based trade exchanges in which Chevron is participating as an incubator, anchor tenant or initial subscriber.

"Through our involvement in these kinds of e-business services, Chevron continues to help lay the foundation of the new Internet infrastructure for the oil and gas industry," said Dave Clementz, Chevron's chief information officer. "We expect PetroCore will add another element of cost reduction and efficiency to our portfolio of technology initiatives.

"Chevron's aggressive pursuit of these opportunities reflects our belief that Web-enabled cost savings and efficiencies can lead to improved productivity, capital stewardship and profitable growth over the long term," Clementz said.

Chevron's e-business initiatives so far this year include (links all open separate browser window):

  • Petrocosm -- a global procurement marketplace for the purchase of drilling and other equipment as well as engineering and construction services, in partnership with Ariba Inc. and Crosspoint Venture Partners.
  • -- which plans to offer the first Internet trade exchange designed as a full-service marketplace for all convenience-store and small-business retailers and their suppliers, in partnership with Oracle Corp. and McLane Co.
  • -- which will enable petroleum companies to access massive amounts of technical and business information related to their oil drilling and producing operations. Chevron is an investor and strategic partner.

Updated: May 2000