myQuorum

myQuorum offers an integrated suite of business applications for companies that produce, gather, process, transport, store, distribute, and market crude oil, natural gas, NGLs, LNG, and power. Quorum’s software solutions support all segments of the energy industry including upstream, midstream, pipeline, utility, LNG, non-operator / royalty, and natural resources. The Quorum suite includes software that manages operational, administrative, financial, and transactional business processes for energy. Products within the suite offer inherent integration to support data flow across the value chain, and are also capable of operating stand-alone.

Video Overview

Cost Accounting

Quorum Cost Accounting (JIB, AFE, FA, DD&A) is a comprehensive software system to manage the full range of capital and expense cost accounting activities

• Manages all aspects of capital costs and expenses
• System is specifically tailored to oil & gas, renewable energy, and natural resource companies

System Elements

Quorum Cost Accounting software is comprised of 5 elements that can be deployed together or individually over time

• Joint Interest Billing (JIB) – platform for operators to manage joint interest billing (JIB) and joint venture (JV) accounting activities, including distribute costs among partners
• Authorization For Expenditure (AFE) – manage capital budget approval process, including automated workflow and electronic approval process for AFEs
• Capital Budget Tracking – brings together yearly forecasts, AFE actuals and budgets, and updated projections for an enterprise-wide capital expenditure outlook
• Fixed Assets (FA) & Depreciation Accounting (DD&A) – control accounting for fixed assets over the entire lifecycle from acquisition / depreciation and revaluation to disposal
• Equipment Inventory Management & Accounting – manage and account for lease, well, and yard inventory, including purchased goods, material transfers and inventory management

Division Order & Disbursements

Quorum Division Order & Disbursements" (QDOD) is software to manage all division order information as well as an integrated disbursements module to manage distribution of revenues to operators and interest owners

• Serves as a central repository to consolidate all division order information and accompanying legal documents into one application
• Facilitates distribution of oil and gas production revenues from operators to various interest owners

Financial Accounting

Quorum Financial Accounting" is comprehensive enterprise ERP / accounting software incorporating General Ledger (GL), Accounts Payable (AP), and Accounts Receivable (AR)

• Provides clients with a complete picture of their internal accounting processes generation of financial reports
• Applicable to all energy companies spanning the value chain from wellhead to burner tip

Benefits

• Efficient/ Intuitive – quick to deploy, easy to learn, and simple to use
• Configurable – user configurable attributes throughout the system; integration into other relevant systems
• Compliant – support for regulatory reporting requirements; financial reporting standards (SOX, etc.); audit
• Scalable – used by majors & smaller regionals; proven capability with large transaction volumes
• Cost Effective – affordable total cost of ownership

Regular product upgrades incorporating new features and industry best practices – as directed by an active client user group

Can be deployed directly onto client network or via QCloud" – Quorum Hosting / SaaS

Production Revenue Accounting

Quorum Production Revenue Accounting" is software for sophisticated exploration and production (E&P) operators and non-operators to manage and account for monthly produced volumes, product sales, and distribution of sales revenue to well owners

• True full cycle operational accounting on a single platform – monthly production functions are tightly integrated with revenue accounting processes