The California Resources Corporation in partnership with consulting firm ATOM Solutions has successfully implemented a commodity trading and risk management (CRTM) software developed by Allegro.
The software will help the California Resources Corporation to optimise its energy marketing business. The company specialises in natural gas and crude oil.
The new software provides a single platform to perform multiple tasks including trading, risk management, logistics, accounting, credit risk management, and reporting functions across all departments.
In addition to marketing and other services, the software helps the energy company to monitor its carbon emissions footprint.
The elimination of silos in accessing operational data of each department is expected to improve operational efficiency of the California Resources Corporation (CRC).
The new system replaces a combination of legacy off-the-shelf software and custom systems.
The deployment of the software was done in phases and completed on time and under budget, according to a statement.
ATOM Solutions helped in the installation of the solution and integration with existing business processes and software.
California Resources Corporation and operations
Carlos Contreras, VP Commercial at CRC, said: “Time previously spent on reconciliation by mid and back office support teams is now re-directed to analysis and foresight.”
“By utilising our proprietary OnTarget Project Delivery Methodology, we were able to provide value to the business quickly and avoid typical CTRM software implementation challenges,” said Stacey Coates, Director of CTRM Solutions, who served as project manager for ATOM.
“Our focus on scenario modeling and close collaboration with CRC enabled us to get to the heart of the solution quickly. We are very pleased with the outcome of this effort and believe the savings realiSed by CRC along with the efficiencies gained will be very beneficial to the organisation.”
Firoz Jhaver, CEO of ATOM added, “I am proud of our team for having exercised a disciplined approach in delivering a high-quality implementation to CRC in an expeditious manner while working aggressively to keep costs in check. We anticipate these improvements will lead to tangible business benefits for our client which is always our ultimate goal.”