Texaco Press Release - Texaco Announces Cutting-Edge Electronic Environment Multi-Year Agreement
Multi-Year Agreement with Landmark Advances Exploration and Production Capabilities
FOR IMMEDIATE RELEASE: WEDNESDAY, MARCH 29, 2000.
WHITE PLAINS, N.Y., Mar. 29 - Texaco announced today plans to create a cutting-edge electronic environment that will advance the company's ability to find, produce and manage oil and gas reserves worldwide. Texaco has awarded Landmark Graphics Corporation, a wholly owned business unit of Halliburton Company (NYSE:HAL), a multi-year agreement to provide a broad range of integrated solutions for exploration, development, production, drilling and data management.
Landmark Graphics Corporation is a supplier of exploration and production information systems and services. The company's software transforms vast quantities of seismic, well log and other data into detailed computer models of petroleum reservoirs. These models enable geologists, geophysicists and engineers to conduct comprehensive analyses of the earth's subsurface.
John J. O'Connor, Senior Vice President of Texaco Inc. and President of Worldwide Exploration and Production, said, "We have sound plans designed to grow the value of Texaco's upstream business. The creation of this new electronic upstream environment gives us the ability to execute with speed and agility, lower risk and improve competitiveness."
Robert P. Peebler, Landmark president and CEO, added, "We've developed a deep understanding and appreciation for Texaco's world-class goals. Our Performance Consulting teams will not only implement state-of-the-art technology for Texaco, but also develop and deploy unique workflows that are specifically designed to remove barriers to reaching those goals. Texaco required a 'scalable solution' from Landmark and its GeoGraphix division to meet its varied needs, depending upon the complexity of the E&P problem, the risk involved and the production potential of a particular asset. Landmark offers the most scalable, diversified and integrated portfolio of E&P technology available in the petroleum industry today."
Texaco has operations in more than 150 countries and had 1999 revenues of more than $35 billion. The company and its affiliates find and produce crude oil and natural gas; manufacture and market high-quality fuel and lubricant products; operate transportation, trading and distribution facilities; and produce alternate forms of energy for power and manufacturing. For more information on Texaco, visit the company's website at www.texaco.com.
Landmark offers knowledge-based E&P companies technical-to-business (T2B) process integration for improving returns on investment. Landmark's software products serve the full spectrum of the oil and gas industry from exploration through production. More information on Landmark is available at www.lgc.com. GeoGraphix is a provider of integrated geophysical, geological and petrophysical software for the Microsoft Windows NT desktop. The GeoGraphix Web site can be accessed at www.geographix.com.
Founded in 1919, Halliburton Company is a diversified energy services, engineering, energy equipment, construction and maintenance company. In 1999, Halliburton's consolidated revenues were $14.9 billion and it conducted business with a workforce of approximately 100,000 in more than 120 countries. The company's World Wide Web can be accessed at www.halliburton.com.
Updated: March 2000