News
Apache Licenses OpenLink to Manage its Oil, Gas and NGL Producer Services, Midstream, and Front Office Activities
Houston, TX, June 16, 2008 /Business Wire/ — Open Link Financial, Inc., said today that Apache Corporation, a leading oil and gas exploration and production company, has selected OpenLink's Endur to completely manage its United States marketing activities.
Endur is an award-winning front, middle, and back-office solution for trading, risk management and operations for the energy sector. In a recent software survey by "Energy Risk" magazine, OpenLink's Endur was awarded first place in 13 out of 20 categories by industry users including "Integrated Trading and Risk Management", "Trade Execution", "Portfolio Management", "Modeling", "Risk Metrics" and "Physical and Financial Integration."
Apache, in addition to implementing OpenLink's Endur for end-to-end management of physical crude oil, natural gas, and natural gas liquid transactions, will also be working with OpenLink to further enhance and refine Endur's functionality across the areas of contract administration, producer services, scheduling and midstream to more thoroughly address the needs of upstream hydrocarbon production companies. Endur will improve Apache's ability to manage its physical portfolio across multiple product lines.
Janine McArdle, Apache's Vice President – Global Oil and Gas Marketing, stated, "Our work with OpenLink should be a win-win for both organizations. We expect OpenLink's system will enable us to process transactions related to our increasing production volumes; analyze and manage data more efficiently; and provide controls that improve our economics and return value to our shareholders."
Kevin Hesselbirg, CEO of OpenLink notes, "OpenLink's strategy to extend the functional reach of Endur through the development and integration of logistics features through our Motion line of products, and, now, through the addition of wellhead producer services, continues to be well received by customers in the crude- and carbon-based exploration and production businesses. We are especially pleased to be working with the market-leading team at Apache Corporation to further improve our suite of products for the specific needs of the E&P community of users. We are confident that Apache will see improved efficiency across its operations, not only in cost savings, but, in enhanced performance that will drive both profits and growth as a result of the combined business intelligence of the Apache business team and OpenLink's design and product development groups. We see this project as an opportunity to continue to refine the capabilities of the OpenLink solution, generating benefits for all OpenLink's customers – both current and future, involved in the broader crude- and carbon-based businesses.
About Apache Corporation
Apache, established in 1954, is an oil and gas exploration and production company with estimated proved reserves of 2.4 billion barrels of oil equivalent in the United States, Canada, the United Kingdom Sector of the North Sea, Egypt, Australia and Argentina.
About OpenLink
Founded in 1992, OpenLink is a leading developer of cross-asset trading, risk management, and operations processing software solutions. The company's Next Generation eXtensible (NGX) platform supports the most rigorous business requirements of firms trading in virtually all asset classes including crude products, natural gas, electricity, weather derivatives, emissions credits, interest rate derivatives, credit derivatives, hybrid/structured products, fixed income securities, foreign exchange, money markets, metals, soft, and other commodities. OpenLink's global client base includes 120+ clients such as Austin Energy, APC Austrian Power Vertriebs GmbH, Bank of America, Bridgeline Holdings, BKW FMB Energie AG, Calyon, Coral Energy, Citigroup Global Market, Inc., D-Energia Kft., Deutsche Bank, ECO Securities Group PLC, Enbridge, HESS Corporation, Kansas City Power & Light Company, Nexen, NEW Energie GmbH, Shell, Statoil, and Vattenfall Europe Trading. Headquartered in Long Island, New York, and with offices in London, Houston, New York City, Berlin, Vienna, Sydney, and São Paulo, OpenLink employs more than 560 professionals worldwide.
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