You are here
HOUSTON -- Murphy Oil selected SolArc RightAngle solution to manage its global petroleum supply chain. SolArc Inc. is a provider of enterprise supply, trading and risk management solutions for the global energy industry.
"The outcome of our product evaluation in comparing several solutions was that SolArc RightAngle provided the best combination of product strength, commitment to the customer and industry expertise," said Gary Bates, Ph.D., vice president of trading for Murphy Oil. "We were very impressed with SolArc RightAngle's ability to provide customized reports that support our trading decision-making at every level, from the individual trader all the way to top management."
According to Bates, Murphy Oil chose SolArc RightAngle because of its ability to accurately manage the company's supply to its wholesale and retail customers. In addition to the downstream management of fuel to the end user, Murphy Oil was also impressed with SolArc RightAngle's overall scheduling capabilities, which gives the company the ability to estimate its positions and view updated product inventories at any time.
"Another critical requirement for Murphy was the ability to report and manage credit exposure," said Laura Brown, corporate credit manager for Murphy Oil. "SolArc's credit risk module, CreditCenter, will play a role in enabling Murphy Oil to comply with the Sarbanes-Oxley Act (SOX). CreditCenter integrates fully and seamlessly into SolArc RightAngle to leverage all the high quality transactional data generated by the system. This ensures that Murphy Oil's credit department has a full and auditable picture of overall exposure to credit risk, a key component to SOX compliance.
"CreditCenter should allow us to segment our credit exposure by counterparty, by commodity or by terminal, which should give us near real-time data that allows us to enforce our credit policies across our global enterprise without waiting for spreadsheets to be compiled and delivered," said Brown. "Using an integrated system like SolArc RightAngle also provides an audit trail to track changes to credit documents, a requirement under SOX."
"SolArc is committed to supporting the supply, trading and risk management solution requirements of global refining and marketing companies," said Dale St. Denis, vice president of solutions marketing for SolArc. "We believe there are significant cash flow and working capital benefits for refining and marketing companies that manage all energy supply and trading activities with one integrated solution. We have seen other SolArc customers including Chevron and ConocoPhillips capture these benefits and reduce their IT infrastructure costs that support trading operations."
Murphy Oil operates a global upstream and downstream business, engaged in the exploration, production, refining and marketing of oil and gas worldwide. It sells refined products in the United States through a network of 366 SPUR (wholesale) and 838 Murphy USA (retail) gas stations.