Company replaces legacy production and revenue accounting with purpose-built oil and gas software in 9 months
HOUSTON, April 17, 2020 – Quorum Software (Quorum), the leader in digital transformation for the oil and gas industry, today announced CNX Resources Corporation (CNX), one of the largest independent natural gas exploration, development and production companies, has implemented Quorum’s revenue accounting and division order software. 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,” said Jason Mumford, Vice President and Controller, CNX. “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.”
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,” said Tyson Greer, Chief Product Officer, Quorum Software. “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.”
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.
About CNX Resources Corporation:
CNX Resources Corporation (NYSE: CNX) is one of the largest independent natural gas exploration, development and production companies, with operations centered in the major shale formations of the Appalachian basin. CNX deploys an organic growth strategy focused on responsibly developing its resource base. As of December 31, 2018, CNX had 7.9 trillion cubic feet equivalent of proved natural gas reserves. CNX is a member of the Standard & Poor’s Midcap 400 Index. Additional information may be found at www.cnx.com.
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