Independent natural gas exploration and production firm CNX Resources has implemented Quorum Software’s revenue accounting and division order software to increase operational efficiency.
Quorum has replaced a legacy production and revenue accounting application with purpose-built oil and gas software in nine months by migrating data from CNX to its revenue accounting and division order solutions.
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CNX Resources vice-president and controller Jason Mumford said: “We consistently came up against challenges when we used our legacy solution, specifically related to difficulties tracking and reconciling inputs with results.
“These data reconciliation efforts were driving expensive overhead and impacted our operational excellence goals, and we knew we needed a change. However, we wanted to be able to quickly and efficiently deploy our new software solution without compromising day to day business activities.”
Designed for digital transformation, the myQuorum Division Order and Revenue Accounting solutions enable oil and gas firms to track their financials, and maintain revenue and billing decks, helping them to drive operational efficiency.
The software also helps define royalty burdens, and account for special owner distribution and exemption cases.
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By GlobalDataThe purpose-built solution prioritises efficiency with automated check processing, adjustment processing, and valuation for the oil and gas sector.
Features of this software simplify compliance efforts and enhance accuracy, leveraging a single source of truth across the enterprise Land Management and Accounting Suite.
Quorum Software chief product officer Tyson Greer said: “Large production companies like CNX run into roadblocks when it comes to streamlining operations, simply because of their scale.
“CNX needed to address their business challenges quickly while advancing their technology strategy. Because Quorum’s open platform and applications are purpose-built and designed for easy integration and Cloud deployment, CNX was able to deploy an integrated, Cloud-ready solution and migrate all of their production and revenue data within a year.”
In February this year, Quorum Software acquired data management software applications provider EnergyIQ.
