California Resources Corporation Goes Live with Allegro CTRM to Manage Energy Marketing Business

    HOUSTON, TX, March 08, 2018 /24-7PressRelease/ -- ATOM Solutions, LLC (ATOM), a premier provider of energy software consulting services and solutions, has announced that it has successfully implemented, on time and under budget, Allegro Development's CTRM software for California Resources Corporation (NYSE: CRC) to manage its energy marketing business.

CRC is an oil and natural gas exploration and production company that also markets crude oil, natural gas and natural gas liquids. The company was previously using a combination of legacy off-the-shelf software and custom systems to manage its marketing operations for different commodities. As a result, disparate systems and a multitude of integration points led to inefficiencies. By implementing Allegro; a single CTRM platform, CRC's trading, risk management, logistics, accounting, credit risk management, and reporting functions are now consolidated in one system across all commodities. The new system eliminated multiple legacy applications and data integration points.

"Using Allegro CTRM as one integrated system to manage all commodity marketing activity has increased our internal efficiencies," said Carlos Contreras, VP Commercial at CRC. "Time previously spent on reconciliation by mid and back office support teams is now re-directed to analysis and foresight."

ATOM's efforts on this project included the delivery of implementation, integration and training services. The project was conducted in multiple phases, with the final phase involving the implementation of the crude marketing business, emissions management, and credit functionality.

"ATOM provided a deep knowledge base of both the Allegro system and the oil and gas marketing business. Resources from ATOM have consistently delivered high quality work with a focus on meeting and beating the project milestone dates," said Cynthia Johnson, VP and CIO at CRC.

"By utilizing our proprietary OnTarget Project Delivery Methodology, we were able to provide value to the business quickly and avoid typical CTRM software implementation challenges," said Stacey Coates, Director of CTRM Solutions, who served as project manager for ATOM. "Our focus on scenario modeling and close collaboration with CRC enabled us to get to the heart of the solution quickly. We are very pleased with the outcome of this effort and believe the savings realized by CRC along with the efficiencies gained will be very beneficial to the organization."

Firoz Jhaver, CEO of ATOM added, "I am proud of our team for having exercised a disciplined approach in delivering a high-quality implementation to CRC in an expeditious manner while working aggressively to keep costs in check. We anticipate these improvements will lead to tangible business benefits for our client which is always our ultimate goal."

About CRC

California Resources Corporation is the largest oil and natural gas exploration and production company in California on a gross-operated basis. The Company operates its world class resource base exclusively within the State of California, applying complementary and integrated infrastructure to gather, process and market its production. Using advanced technology, California Resources Corporation focuses on safely and responsibly supplying affordable energy for California by Californians.

About ATOM Solutions

ATOM Solutions is an IT consultancy focused on delivering innovative solutions and services to companies in the commodities space. ATOM's employees have performed virtually every business, project management and IT function as either a part of the industry, or as consultants and vendors. By leveraging deep domain expertise and employing industry best practices, the company works with clients to develop IT strategy and to craft and implement technology solutions. The company's proprietary OnTarget Project Delivery Methodology(TM) employs industry and IT best practices to enable consistent delivery of high quality projects. ATOM is passionate about adding value to their customer's business and is hyper focused on helping them realize a rapid return on their investments. For more information, please visit http://www.whoisatom.com.

About Allegro Development

Allegro Development Corp. is a global leader in commodity trading and risk management software for power and gas utilities, crude oil refiners, chemical manufacturers, oil and gas producers, agriculture companies, traders, and commodity consumers. Allegro's software is built to provide users with position visibility, risk management, comprehensive controls, and regulatory compliance. With over three decades of industry experience, Allegro's enterprise platform drives profitability and efficiency across front, middle, and back offices while managing complex logistics associated with physical commodities.

Headquartered in Dallas, TX, Allegro also has offices in London, Singapore, Calgary, Dubai, Houston, Jakarta, and Zurich, along with a global network of partners. For additional information about Allegro and its capabilities, visit our home page at https://www.allegrodev.com/.

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