W Energy Software's Cloud Accounting Solution to Power Phillips 66 Sweeny Hub
TULSA, Okla., Nov. 21, 2019 /PRNewswire-PRWeb/ -- W Energy Software, the emerging leader in upstream and midstream accounting & transaction management solutions, announces Phillips 66 will deploy its cloud-based software to manage transportation and terminal accounting operations for the company's Sweeny pipeline and natural gas liquids (NGL) processing hub. Located in Old Ocean, Texas, the midstream facility is currently undergoing extensive expansion to keep pace with energy output from the Permian Basin. Phillips 66 will use W Energy Software's Accounting & Transaction Management solution to track the complex movement of NGL and refined products through the facility and manage accounting processes. By deploying the software, Phillips 66 ensures efficient and timely accounting of hydrocarbon products at the Sweeny Hub.
Phillips 66, a leading energy manufacturing and logistics company, is scaling capacity at its Sweeny facility to accommodate record Permian energy production. The expansion includes additional pipeline infrastructure, storage, and additional fractionator capacity. The expanded Sweeny Hub will handle hundreds of NGL, and refined product shipments every day, which can create unique accounting challenges.
Designed to take full advantage of the cloud, W Energy Software's accounting & transaction management solution offers upstream and midstream oil & gas companies a unified and modular framework for running critical business processes. To track product movement and manage inventory at the Sweeny Hub, Phillips 66 is deploying W Energy Software's liquids transportation module, which enables the company to handle both tariff and contract-based product movement. The module can also provide advanced shipping nomination and confirmation, production allocation, and a suite of back-office accounting tools for invoicing, imbalances, and cash-out.
Additionally, W Energy Software's Terminal Management & Scheduling module is being deployed to manage and report on shippers' inventory positions.
"We are extremely proud to have been selected by Phillips 66 to manage such a critical piece of their business and I am confident that W Energy Software's solution will meet and exceed expectations," said Pete Waldroop, CEO of W Energy Software. "It's a real win-win situation - we get to continue our focus on the latest technology solutions for midstream companies, enabling our customers to get out of the software development business and focus entirely on their core oil & gas business," he commented.
In addition to deploying W Energy Software's solution at its Sweeny facility next year, Phillips 66 plans to expand the suite of inventory and accounting management tools to other midstream assets.
About W Energy Software
Headquartered in Tulsa, Oklahoma, W Energy Software (formerly Waterfield Energy) offers the oil & gas industry's only unified ERP solution built for the cloud that is relied on by more than 100 upstream and midstream companies to accelerate business performance, improve operational efficiency, and drive costs down. W Energy Software combines precision-built software in one extendable cloud-based workspace with an intimate understanding of the oil & gas business to deliver solutions that offer flexibility, affordability, and continuous upgrades. Unlike other ERP software that loosely ties together a mix of legacy solutions and fragmented technologies, W Energy Software designed a unified upstream and midstream ERP platform to seamlessly track oil, gas, and NGL from the wellhead through transportation and marketing, eliminating data silos as well as the burden and costs of maintaining multiple systems. With W Energy Software, oil & gas companies stay lean and agile with the tools they need to adapt to market changes and meet evolving customer needs head on, all while gaining the confidence that their business is running on the latest technology. For more information please visit https://WEnergySoftware.com.
SOURCE W Energy Software
