CNX Resources Corp., one of the largest independent natural gas exploration, development and production companies, has implemented Quorum Software's revenue accounting and division order software, the company said on April 17.
Previously supported by a legacy production and revenue accounting application, CNX sought out a solution capable of leveraging the company’s data to increase operational efficiency, integrating with its enterprise resource planning system, and supporting the transition to the cloud.
“We consistently came up against challenges when we used our legacy solution, specifically related to difficulties tracking and reconciling inputs with results,” Jason Mumford, vice president and controller, CNX, said. “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. In just nine months, Quorum successfully migrated data from our legacy provider to its revenue accounting and division order solutions. We achieved our simplification objectives for accounting without creating the need to hire additional staff, helping us drive down SG&A [selling, general and administrative expenses].”
The myQuorum Division Order and Revenue Accounting solutions enable oil and gas companies to track their financials from end-to-end, and establish and maintain revenue and billing decks, define royalty burdens and account for special owner distribution and exemption scenarios. It’s a solution purpose-built for oil and gas that prioritizes efficiency with automated check processing, adjustment processing, and valuation. Beyond streamlining operations workflows, these features simplify compliance efforts and improve accuracy while leveraging a single source of truth across the enterprise land management and accounting suite.
“Large production companies like CNX run into roadblocks when it comes to streamlining operations, simply because of their scale,” Tyson Greer, chief product officer, Quorum Software, said. “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.”
Recommended Reading
SLB Earnings Rise, But Weakened 4Q and 2025 Ahead Due to Oil Glut
2024-10-22 - SLB, like Liberty Energy, revised guidance lower for the coming months, analysts said, as oilfield service companies grapple with concerns over an oversupplied global oil market.
Quantum’s VanLoh: New ‘Wave’ of Private Equity Investment Unlikely
2024-10-10 - Private equity titan Wil VanLoh, founder of Quantum Capital Group, shares his perspective on the dearth of oil and gas exploration, family office and private equity funding limitations and where M&A is headed next.
OMS Energy Files for IPO, Reports Revenue Growth
2024-11-06 - Singapore-based OMS Energy, a wellhead system manufacturer, has not yet determined its price range and number of shares.
Woodside Reports Record Q3 Production, Narrows Guidance for 2024
2024-10-17 - Australia’s Woodside Energy reported record production of 577,000 boe/d in the third quarter of 2024, an 18% increase due to the start of the Sangomar project offshore Senegal. The Aussie company has narrowed its production guidance for 2024 as a result.
Exxon, Chevron Beat 3Q Estimates, Output Boosts Results
2024-11-01 - Oil giants Chevron and Exxon Mobil reported mixed results for the third quarter, with both companies surpassing Wall Street expectations despite facing different challenges.