Cabot Oil & Gas Extends its Investment in Solutions from P202/28/2018
Leading upstream producer adds Enterprise Upstream, P2 Merrick, P2 Operational Intelligence, Domain, and P2 AFE to improve back-office effectiveness.
DENVER, COLORADO – (March 1, 2018) – P2 Energy Solutions, the leading developer of production land, and accounting software for the upstream oil & gas industry, today announced that long-time customer Cabot Oil and Gas has expanded its relationship with P2, implementing market-leading solutions that comprehensively modernize its accounting infrastructure.
The decades-long relationship between the two companies began with Cabot’s installation of the predecessor to Tobin Land Suite (now called P2 Land). In the last 18 months the company’s investment in P2 software has grown to include:
- P2 Merrick for production management and hydrocarbon accounting
- P2 Operational Intelligence for 24/7 monitoring of asset performance
- P2 AFE for managing authorizations-for-expenditure approvals and balloting
- Enterprise Upstream for enterprise level oil & gas accounting
- Domain for division order management
Cabot identified a need to update its legacy systems in the Summer of 2015. A proprietary accounting solution had been built in-house on IBM’s AS/400 server platform and their production accounting system was no longer supported. Decades of customization had expanded its core functionality and connected a number of disparate systems, but senior leadership recognized the need to upgrade their systems to meet longer-term strategic goals.
A rigorous procurement process narrowed the vendor list to P2 and three other vendors. P2 won the day based on its track record as a trusted Cabot vendor, ease of integration between systems, and the company’s position as market leaders in all the solution categories Cabot needed to implement.
“This ERP implementation was a complete transformation and had the potential for significant disruption to the organization. Given the long-standing relationship and proven track record, the decision to partner with P2 for this major corporate initiative was the absolute right choice,” said Chip Dyson, Vice President of Information Services for Cabot Oil & Gas. “The ease of integration between Land, Accounting, Production, Operational Intelligence and AFE was paramount and P2’s offerings will enable the business to leverage the full value of our investment.”
“The success of this project is a real testament to the strength of the Cabot team, the power of P2’s solutions and the ability of our organizations to work as a unified, high-performance team focused on delivering the outcomes defined by Cabot at the onset of the project,” said J. Scott Lockhart, CEO of P2 Energy Solutions. “We look forward to supporting Cabot Oil and Gas further as it continues to grow and thrive.”
Qbyte FM is the most widely used oil and gas accounting solution in Canada. Designed for the Canadian oil & gas industry, Qbyte FM is a comprehensive financial, capital, and joint venture accounting package; complete with management reporting and operations analysis. It gives everyone in the organization easy access to essential information.
Integrated with P2’s reporting application, Qbyte FM delivers real-time information right to the desktop. Users can easily print, email, share, drill down for more details, or export to spreadsheets.
“Functionality is crucial, but usability matters too,’ said Michael Danielewicz, Senior Vice President, Canada for P2 Energy Solutions. “With this update we’ve invested in a better experience for our customer’s end users. While the interface has been completely revitalized, the rich functionality of Qbyte FM remains untouched. We’ve also made sure to keep the data model and back-end processes the same. We did this to protect our customers' IT investments and make upgrading pain free.”
P2 Energy Solutions empowers the people who power the world. P2 is the world's largest software and technology company dedicated to the upstream oil and gas industry, with solutions spanning the entire value chain from exploration to decommissioning. More than 1,500 companies use P2 products and services daily to improve decision-making, gain clarity into complex workflow scenarios, and optimize upstream efficiency. With more than 80 years of experience in data and 30 years in software, P2 has offices around the world, and employs over 700 people. For more information please visit www.p2energysolutions.com.
Mark de Wolf