InstaNext, a premier provider of cloud-hosted commodity trading and risk management solutions, announced today that Fieldwood Energy has licensed the InstaNext solution to manage their crude oil swaps.
Based in Houston, Texas, Fieldwood Energy is a portfolio company of Riverstone Holdings LLC, with a primary focus on acquiring and developing oil and gas assets in the Gulf of Mexico. Since its establishment in 2013, Fieldwood has become the largest operator on the Gulf of Mexico Shelf, currently owning an interest in approximately 500 leases covering over 2 million gross acres. The company’s asset base is largely concentrated in the Gulf of Mexico Shelf in water depths of less than 1,000 feet, though the energy company also has limited deepwater operations as well as properties onshore in Texas and Louisiana.
Fieldwood was searching for a software solution to mark-to-market its crude production hedges as well as a system that would give them the ability to have more control of their data. In addition, the energy company wanted to be able to monitor their positions and the underlying market on a daily basis. Fieldwood chose the InstaNext platform as the solution that best aligned with their business needs. The company will use the platform to manage their current swaps as well as its forecasted production to track coverage. The extensive reporting capabilities within the system will also allow Fieldwood to reconcile its positions against the market and their counterparties.
“This was a seamless transition for Fieldwood from working with an independent energy risk advisory firm. We are more than pleased to offer them the functionality and market data they were looking for and getting them rapidly implemented,” stated Richard Kulaszewski, EVP Global Field Operations.
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.
For more information please visit our website at www.instanext.com.