Concho Resources Licenses InstaNext for Corporate-Wide Hedging and Risk Management

InstaNext, a premier provider of cloud-hosted commodity trading and risk management solutions, announced today that Concho Resources Inc. has licensed the InstaNext software to manage their oil & gas hedging program.

Headquartered in Midland, Texas, Concho Resources is an independent exploration and production company engaged in the acquisition, development and exploration of oil and natural gas properties. Concho’s operations are concentrated in the Permian Basin of Southeast New Mexico and West Texas.

The need for a corporate-wide hedge management, risk, and reporting system arose when Midland-based Concho made a $9.5 billion acquisition of Dallas-based RSP Permian, Inc. which established the largest drilling program in the Permian basin with 27 rigs.  With Concho and RSP Permian having different hedge advisory firms, InstaNext will be able to consolidate each party’s information for an overall corporate risk view and provide derivative financial reporting.  “We are excited to service the newly combined Concho and RSP Permian entities.  Our solution is able to meet the unique needs of what was once two unique risk management and hedging programs under one umbrella.” stated Richard W. Kulaszewski, EVP Global Field Operations.

Concho plans to use the InstaNext platform to manage their swaps, options and basis trades.  This will allow them to manage the cash flow of their production volumes, as well as reconcile with their counterparties. Leveraging the platform’s advanced reporting and analytic capabilities, Concho aims to alleviate the use of traditional spreadsheets while being able to visualize their hedging metrics with customized reports and graphs. In addition, utilizing InstaNext’s accounting module, Concho will generate accounting entries and required financial reporting disclosures. 

About InstaNext

InstaNext is comprised of a team of software and technology experts in the fields of commodity trading, hedging, and risk management.  With an extensive portfolio of prior successes in the CTRM industry, InstaNext provides intuitive solutions to help companies meet the challenges of the complex commodities world. The InstaNext platform simplifies every aspect of commodity trading and risk management. The multi-market platform allows companies to analyze their positions in real-time via its powerful analysis capabilities. With InstaNext, historical and scenario-based data can be used to compare current positions against changes in the market, allowing for more effective management of portfolio risk and ensuring profit margins are secure.  Using the latest cloud-hosted technology, InstaNext can be implemented quickly and with low risk.

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