SOURCE: Triple Point Technology

Triple Point Technology

May 19, 2011 12:23 ET

NFR Energy Selects Triple Point to Manage Hedge Accounting and Fair Value Disclosure for Energy Commodities

Triple Point Treasury Software Comprehensively Manages Complex and Ever-Changing Accounting Regulations

WESTPORT, CT--(Marketwire - May 19, 2011) - Triple Point Technology, the leading global provider of software to manage commodities and enterprise risk, announced today that NFR Energy has licensed Triple Point's Commodity XL™ software for hedge accounting and fair value disclosure to ensure FAS 133, FAS 157, and FAS 161 compliance.

NFR Energy engages in the acquisition, exploration, development, and production of oil and natural gas and has invested $1 billion in business development to establish a focused asset base.

"Triple Point has a proven track record of providing risk management software to E&P companies," said Ash Elias, controller, NFR Energy. "We're confident Triple Point is the best choice to deliver a turnkey solution that manages our hedge accounting requirements, including mark-to-market analysis, effectiveness testing, and fair value disclosure reporting."

US GAAP and international accounting standards are continually evolving. In a stringent and unforgiving regulatory environment, getting it wrong can put company reputation, earnings, and stock value at risk.

"Companies that rely on homegrown hedge accounting systems face a herculean task of keeping up with complex standards and ensuring modifications are reflected accurately in their systems," said Michel Zadoroznyj, VP, treasury and regulatory compliance, Triple Point. "Triple Point stays on the forefront of regulatory change to ensure its treasury software remains compliant and to enable our customers to focus on growth."

In addition to NFR Energy, notable companies that have recently selected Triple Point software for hedge accounting and fair value disclosure include World Fuel Services, Hunt Oil, Evonik, Alta Mesa, Magellan Midstream, Unilever, Xcel Energy, and Petra Foods.

About Triple Point Technology
Triple Point is the leading global provider of software to manage commodities and enterprise risk. The company provides innovative solutions to competitively address the complex commodities value chain: buying, selling, trading, and procurement; enterprise risk management; scheduling and logistics; storage; processing; and settlement and accounting. Triple Point's Commodity Management platform enables over 260 customers in 35+ countries to profitably manage exposure to energy and raw materials across industries including energy; metals; agriculture; transportation; shipping; consumer products (CP); discrete manufacturers; and big box retailers. Triple Point was named a 'Leader' in Gartner's ETRM Magic Quadrant for its completeness of vision and ability to execute in 2009, 2010, and 2011. Founded in 1993, the company employs over 600 staff in 12 offices and support centers around the globe. www.tpt.com.

Contact Information

  • Contact:
    Jennifer Jones
    Tel: +1.203.291.7979
    Email: Email Contact