InstaNext Inc., a premier provider of cloud-hosted commodity trading and risk management solutions, announced today that Newfield Exploration Company (NYSE:NFX) has chosen the InstaNext platform to manage the hedging of their crude oil and natural gas production.
Headquartered in The Woodlands, Texas, Newfield Exploration is an independent energy company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. Newfield is focused on domestic, liquids-rich unconventional resource plays located primarily in the Anadarko and Arkoma basins of Oklahoma, the Williston Basin of North Dakota, the Uinta Basin of Utah and the Maverick and Gulf Coast basins of Texas. Approximately 98% of the company’s proved reserves are located onshore U.S. with 2% in oil developments offshore China.
Newfield has a strong hedge portfolio and high-graded investments to help manage commodity prices. The energy company was looking for a system that could streamline their hedging operations and manage their extensive hedge portfolio in one solution. After considering numerous systems on the market, Newfield elected to do a trial period with InstaNext’s cloud-hosted CTRM platform. Following a rapid implementation, Newfield was able to test the system for a few months and utilize its robust risk analysis and reporting features. Along with the ease of daily operation, Newfield was extremely impressed with InstaNext’s US GAAP reporting and regulatory disclosures capabilities. As of this month, Newfield licensed to use the InstaNext platform to help manage its derivatives hedging portfolio. “We are excited to welcome such a significant name in Newfield Exploration to our growing E&P client base,” stated Richard Kulaszewski. “It further demonstrates that InstaNext and its latest technology is the CTRM solution of choice.”
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 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.