Press Release: March 02, 2018
P2 Energy Solutions, the leading developer of production land, and accounting software for the upstream oil & gas industry, today announced that long-time customer Cabot Oil and Gas has expanded its relationship with P2, implementing market-leading solutions that comprehensively modernize its accounting infrastructure.
The decades-long relationship between the two companies began with Cabot's installation of the predecessor to Tobin Land Suite (now called P2 Land). In the last 18 months the company's investment in P2 software has grown to include:
> P2 Merrick for production management and hydrocarbon accounting
> P2 Operational Intelligence for 24/7 monitoring of asset performance
> P2 AFE for managing authorizations-for-expenditure approvals and balloting
> Enterprise Upstream for enterprise level oil & gas accounting
> Domain for division order management
Cabot identified a need to update its legacy systems in the Summer of 2015. A proprietary accounting solution had been built in-house on IBM's AS/400 server platform and their production accounting system was no longer supported. Decades of customization had expanded its core functionality and connected a number of disparate systems, but senior leadership recognized the need to upgrade their systems to meet longer-term strategic goals.
A rigorous procurement process narrowed the vendor list to P2 and three other vendors. P2 won the day based on its track record as a trusted Cabot vendor, ease of integration between systems, and the company's position as market leaders in all the solution categories Cabot needed to implement.
"This ERP implementation was a complete transformation and had the potential for significant disruption to the organization. Given the long-standing relationship and proven track record, the decision to partner with P2 for this major corporate initiative was the absolute right choice," said Chip Dyson, Vice President of Information Services for Cabot Oil & Gas. "The ease of integration between Land, Accounting, Production, Operational Intelligence and AFE was paramount and P2's offerings will enable the business to leverage the full value of our investment."
"The success of this project is a real testament to the strength of the Cabot team, the power of P2's solutions and the ability of our organizations to work as a unified, high-performance team focused on delivering the outcomes defined by Cabot at the onset of the project," said J. Scott Lockhart, CEO of P2 Energy Solutions. "We look forward to supporting Cabot Oil and Gas further as it continues to grow and thrive."
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