June 16, 2008
Apache Licenses OpenLink to Manage Its Oil, Gas and NGL Producer Services, Midstream, and Front Office Activities
OpenLink Financial (www.olf.com) said today that Apache Corporation, a leading oil and gas exploration and production company, has selected OpenLink's Endur to completely manage its United States marketing activities.
Endur is an award-winning front, middle, and back-office solution for trading, risk management and operations for the energy sector. In a recent software survey by "Energy Risk" magazine, OpenLink's Endur was awarded first place in 13 out of 20 categories by industry users including "Integrated Trading and Risk Management", "Trade Execution", "Portfolio Management", "Modeling", "Risk Metrics" and "Physical and Financial Integration."
Apache, in addition to implementing OpenLink's Endur for end-to-end management of physical crude oil, natural gas, and natural gas liquid transactions, will also be working with OpenLink to further enhance and refine Endur's functionality across the areas of contract administration, producer services, scheduling and midstream to more thoroughly address the needs of upstream hydrocarbon production companies. Endur will improve Apache's ability to manage its physical portfolio across multiple product lines.
Janine McArdle, Apache's Vice President - Global Oil and Gas Marketing, stated, "Our work with OpenLink should be a win-win for both organizations. We expect OpenLink's system will enable us to process transactions related to our increasing production volumes; analyze and manage data more efficiently; and provide controls that improve our economics and return value to our shareholders."
Kevin Hesselbirg, CEO of OpenLink notes, "OpenLink's strategy to extend the functional reach of Endur through the development and integration of logistics features through our Motion line of products, and, now, through the addition of wellhead producer services, continues to be well received by customers in the crude- and carbon-based exploration and production businesses. We are especially pleased to be working with the market-leading team at Apache Corporation to further improve our suite of products for the specific needs of the E&P community of users. We are confident that Apache will see improved efficiency across its operations, not only in cost savings, but, in enhanced performance that will drive both profits and growth as a result of the combined business intelligence of the Apache business team and OpenLink's design and product development groups. We see this project as an opportunity to continue to refine the capabilities of the OpenLink solution, generating benefits for all OpenLink's customers - both current and future, involved in the broader crude- and carbon-based businesses."
About Open Link
Founded in 1992, OpenLink is a leading developer of cross-asset trading, risk management, and related operational and portfolio management software. Open Link's diverse client base of over 130 customers worldwide includes 10 of the top 25 largest energy companies by market capitalization, eight of the largest financial institutions and seven of the largest central banks, as well as major hedge funds and public utilities. Headquartered on Long Island, New York, and with offices in New York, Houston, London, Berlin, Vienna, Sao Paulo, and Sydney, OpenLink has more than 620 employees worldwide.
About Apache Corporation
Apache, established in 1954, is an oil and gas exploration and production company with estimated proved reserves of 2.4 billion barrels of oil equivalent in the United States, Canada, the United Kingdom Sector of the North Sea, Egypt, Australia and Argentina.