press release

Texaco Press Release - Texaco Joins Global Internet Marketplace, Petrocosm

Halliburton Executive Named CEO of Petrocosm


HOUSTON, Mar. 23 - Petrocosm Corp. today announced that Texaco Inc. has joined Petrocosm marketplace as a founding member of the first, global Internet marketplace created and owned by the energy industry.

Petrocosm also announced the appointment of Norman C. Chambers, currently Senior Vice President of Halliburton Company, as its Chief Executive Officer. The appointment is effective April 3.

The Petrocosm marketplace, first announced Jan. 19, will launch in the second quarter at It will offer an open marketplace for companies of all sizes to buy and sell products and services that span the petroleum industry supply chain: drilling equipment, electrical supplies, pipes, valves and fittings, as well as professional, engineering and construction services. Companies in the energy industry will be able to leverage this Internet marketplace to achieve cost savings and generate new revenue streams, ultimately gaining a competitive advantage.

"Our equity participation in the Petrocosm marketplace is a highlight in Texaco's growing portfolio of strategic e-business alliances," said Gregory M. Vesey, Vice President, E-Business for Texaco. "We're very excited to join this venture as it finalizes preparations to go live in the second quarter."

Vesey continued, "The new business model behind Petrocosm will transform the traditional customer/supplier relationship by creating a limitless marketplace that can be easily accessed by both the largest and smallest companies around the globe. This open, independent model will provide significant opportunities for cost savings and increased market efficiencies for buyers and sellers - key objectives in Texaco's e-business strategy."

"Ever since the creation of Petrocosm marketplace two months ago, we've seen tremendous interest from players in every part of the energy supply chain," said new Petrocosm CEO Norman Chambers. "We're very pleased to welcome Texaco as a founding partner with Chevron, Ariba and Crosspoint Venture Partners. We look forward to working with Texaco and value their early recognition and understanding of the rewards this marketplace can bring to the energy industry."

Chambers, 51, previously served as President of Halliburton Energy Development, which integrated the development and production of oil and gas fields in partnership with Halliburton's customers. With more than 25 years experience in the upstream and midstream of the oil and gas industry, Chambers has been involved with technology teams at Halliburton and Brown & Root and held a number of operational and senior management positions. Chambers was graduated from Springfield College in 1971 with a bachelor of arts degree. In 1982, he was graduated with distinction from Boston College with a master of business administration degree. He also has attended the Tufts University Fletcher School of Law and Diplomacy and Harvard Business School.

Petrocosm will be headquartered in Houston, Texas. Interested parties can obtain more information by dialing (877) 627-9796.

Updated: March 2000