Quorum Software Enables Oil and Gas Businesses to be Resilient Through 2020 VolatilityAugust 18, 2020
Supply and demand pressures due to world events emphasize the need to modernize operations for business continuity and agility
HOUSTON, August 18, 2020 – The first half of 2020 demonstrated the need for the oil and gas industry to modernize business operations for efficiency, and more importantly, for business continuity and agility. Quorum Software, the leader in digital transformation for the oil and gas industry, continues to help these businesses move ahead on technology investments in the cloud and deploy applications that fuel a productive workforce that can operate anywhere and at any time.
"Operating through oil and gas supply issues from pricing wars and loss of demand from the COVID-19 pandemic, 2020 is pressuring the integrity of business systems, processes and workflows," said Lindsey Herndon Goodgion, executive vice president and chief sales officer. "The key themes in my conversations with industry leaders center on digital transformation, not necessarily for the sake of innovation, but for sustainable operation and productivity."
As the oil and gas industry works through the supply and demand pressures, business leaders are evaluating their digital journeys and technology systems to support a largely remote workforce that cannot access paper files or meet face-to-face. To address these needs, Quorum partnered with customers to provide critical solutions to business challenges in shorter timeframes and a more cost-effective manner than ever before. Through these partnerships with innovative and industry-leading customers, Quorum created new tools and processes that enable customers to take advantage of value-added solutions and updates while drastically decreasing time-to-value and overall cost.
In the first half of 2020, 60 companies partnered with Quorum on new software engagements. Additionally, 125 customers upgraded or extended their investments with Quorum. Examples of businesses that are turning to Quorum to advance their modernization strategies include:
- Greylock Energy, an Appalachia-based upstream and midstream operator, chose Quorum to support its move to a mobile, cloud-based program to unite separate functions and work remotely.
- Black Bear Transmission LLC, a new pipeline company that transports natural gas, selected Quorum's gas pipeline software, measurement software, and measurement services to ensure compliance with regulatory requirements and support growth.
- Secure Energy, a leading midstream infrastructure solutions company, implemented FLOWCAL to validate its measurement data and support its mission to reduce costs and generate the highest returns.
- An independent oil and natural gas company focused on the acquisition, development, exploration, and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin kicked-off a transformative land and energy ERP initiative using remote project teams to implement Quorum land management.
- Castleton Resources LLC, an upstream natural gas-focused exploration and production company, rapidly upgraded five Quorum products in accounting, land, and gathering and processing in less than six months, on time and on budget.
"Operational efficiency is critical to sustaining or growing a business through volatile times," said Craig Jarchow, president and chief executive officer of Castleton Resources. "We have taken advantage of several macro and micro factors to enhance our strategic vision as a consolidator of E&P assets, so as we continue to grow, it was critical for us to have the latest technology to support our business and easily integrate any future acquisitions into our technology stack."
Oil and gas companies cannot risk lengthy and costly transformations that result in fragmented systems or processes. Quorum's Rapid Deployment Methodology, which uses industry-standard configurations to accelerate implementation times, reduce costs, and drive successful software adoptions, further demonstrates the company's commitment to innovate battle-tested, purpose-built solutions and processes. The result delivers reliable and updated software solutions at unparalleled speeds.
"As the world grapples with this new normal, companies will continue to streamline field operations, improve the flow of data across functions, and make critical decisions to maintain business continuity in these uncertain times," said Lindsey Herndon. "As a 'battle-proven' and responsive partner, Quorum is prepared to help our customers future-proof their workflows and plan for the exchange of data completely online."
Quorum published research "Modernizing Oil and Gas: Insights on the State of the Industry," which analyzed the attitudes and viewpoints of IT decision-makers in the oil and gas industry to understand the gap in the adoption of technology that is proven to drive more efficient and agile operations. The company's research also produced industry case studies on modernization for Concho Resources and Titan Rock Exploration & Production. Read how Quorum's solutions are helping companies on their digital transformation journeys at https://resources.quorumsoftware.com/modernizing-oil-and-gas.
About Quorum Software
Quorum Software offers an industry-leading portfolio of finance, operations and accounting solutions that empower our customers to streamline operations that drive growth and profitability across the energy value chain. From supermajors to startups, from the wellhead to the city gate, energy businesses rely on Quorum. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to drive innovation. We're helping visionary leaders transform their companies into modern energy workplaces. For more information, visit www.quorumsoftware.com.