SolArc Knocks Murphy Oil's SOX Off
Published in CSP Daily News
Refiner-marketer selects RightAngle for operations management, Sarbanes-Oxley compliance
HOUSTON -- Murphy Oil Corp. has selected SolArc Inc.'s RightAngle solution to manage its global petroleum supply chain, the provider of enterprise supply, trading and risk management solutions for the global energy industry said.
Houston-based 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.
RightAngle [image-nocss] is a major supply and trade management solution for the crude oil, refined products, coal, natural gas liquids and aviation fuel commodities. It integrates deal capture, scheduling, inventory management, pricing, accounting, credit, position reporting and risk analysis in a single platform solution. It offers enterprise integration between traders, schedulers and accountants, providing each with the best available, up-to-date information needed to manage complex trading activities. RightAngle's architecture is built to interface seamlessly with leading ERP and financial management systems, said the company.
Laura Brown, corporate credit manager for Murphy Oil, said, 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.
Other SolArc customers include Chevron and ConocoPhillips.