SOURCE: Triple Point Technology

June 12, 2009 04:00 ET

Tullow Oil Selects Triple Point's IAS 39 Commodity Hedge Accounting Software

Underscores Triple Point's Leadership Position in the Upstream Oil and Gas Market

LONDON--(Marketwire - June 12, 2009) - Triple Point Technology®, the leading global provider of multi-market commodity and enterprise risk management software solutions, announced today that Tullow, one of the largest independent oil and gas exploration companies in Europe, has selected Commodity XL for Hedge Accounting™ to ensure compliance with IAS 39 disclosure and reporting for crude oil and natural gas.

Tullow has operations in Africa, Europe, South Asia and South America with current production of 60,000 barrels of oil equivalent per day (boepd). Founded in 1985, Tullow is headquartered in London and employs over 540 people worldwide.

Tullow uses derivatives to hedge price movements in natural gas and crude oil and must comply with International Accounting Standard (IAS) 39 to receive beneficial hedge accounting treatment. Tullow was seeking improved efficiency and better control over its hedge accounting processes by moving away from spreadsheets.

"As Tullow's major developments come on stream it is essential that our hedge accounting processes continue to be managed effectively. The Commodity XL product from Triple Point provides Tullow with a purpose built package that offers a complete auditable solution for hedge accounting and financial reporting and will be invaluable for managing an increasingly complex part of our business," said Julia Ross, Risk & Marketing Manager, Tullow.

"Tullow joins Triple Point's long list of exploration and production (E & P) customers including Newfield Exploration Company, Southwestern Energy Company, Plains Exploration & Production (PXP), Targa Resources and Unit Corporation," said Michael Schwartz, chief marketing officer, Triple Point. "Tullow's selection of Commodity XL is affirmation that leading E & P companies trust Triple Point to provide proven commodity management solutions."

Commodity XL for Hedge Accounting manages all requirements under hedge accounting regulations including the detailed testing, documentation and reporting that must be performed to qualify for beneficial hedge accounting status. Powerful analytical functionality including OCI sensitivity analysis, formula curves and back-testing help measure hedge effectiveness and optimize hedging strategies. The dynamic hedge accounting engine effectively supports hedging activities across a wide range of asset classes including energy, agriculture, metals, interest rates and foreign exchange and ensures full compliance with national accounting regulations including modules for FAS 133, IAS 39, CICA 3865, AASB 139 and SAS 133.

About Triple Point Technology

Triple Point Technology® is the leading global provider of multi-market commodity and enterprise risk management software solutions. Triple Point's Commodity XL profitably integrates physical and financial markets on a real-time, service-oriented architecture (SOA) platform for commodities including power, oil, gas, coal, emissions, base and precious metals, agricultural products, biofuels and freight. In addition to Triple Point's award- winning commodity and energy trading software being used by more than 25 percent of both Global 500 commodity trading and Global 500 energy companies, other organizations with large raw material and energy exposure, including consumer products (CP), discrete manufacturers and big box retailers, are quickly adopting the Triple Point solution. Named to the Deloitte Technology Fast 50 for ten straight years, Triple Point added to its record-breaking organic growth in 2008 with the acquisitions of INSSINC, the leading provider of hedge accounting and fair value level software and ROME Corporation, the industry leader in credit risk software solutions. Triple Point, headquartered in Westport, Connecticut, USA, was founded in 1993 and serves clients from eight development and support centers located around the globe. More information is available at www.tpt.com.

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