Quorum Software said Aug. 14 that Titan Rock Exploration & Production LLC, a private equity-backed upstream company based in Dallas, selected Quorum’s upstream oil and gas solutions to support its assets.
To accommodate current operations and position the company for future growth, Titan Rock chose Quorum’s cloud-based production allocations and reporting, SCADA monitoring and land management solutions, which scale with the needs of startup operators.
“After extensively researching and trialing other software providers, we found that Quorum provides the right mix of functionality and industry expertise,” Robert Martinez, CEO, Titan Rock, said. “The software is packaged and priced to help us control overhead costs while providing exceptional vision into our day-to-day operations.”
Quorum’s upstream on-demand oil and gas software is available in a SaaS delivery model, designed for growth-focused exploration and production (E&P) companies in need of cost-effective solutions that are simple to implement, easy to use and do not require extensive IT or capital resources. With a focus on organic and inorganic growth, Titan Rock needed quality production data to support field operations, financial reporting and optimize cash flow.
“There is a tremendous opportunity for small and midsized E&P companies to use software as a tool for growth. Our SaaS offerings allow them to stay nimble, operate lean and make faster operational adjustments to stay ahead of the competition,” Soroosh Seyhoon, vice president of sales, Quorum Software, said.
The parties must now renegotiate a deal that would transfer Breitburn's Permian reserves to investors including Elliott and WL Ross through their participation in a $775 million rights offering.
Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.
The company also said it expects to generate substantial free cash flow in 2018, allowing it to initiate a dividend in the first-quarter of 2019.