CALGARY, Alberta, April 24, 2018 /PRNewswire/ -- Quorum Software, the leader in digital transformation for the oil and gas industry, is excited to announce the highly anticipated latest release of Entero® MOSAIC™, the only truly unified solution in the upstream industry for reserves management, budgeting, and economics. MOSAIC v2018 is the first release from the new Entero division of Quorum Software formed from the acquisition of Entero Corporation by Quorum Software earlier this month. This new release delivers enhancements that enable greater accuracy, flexibility, and improved productivity for the economic forecasting of reserves, and operating and capital budgets.
Offering over 300 industry-driven enhancements, MOSAIC v2018 provides upstream companies with the most productive user experience in the market through a modern, workflow-oriented interface. "Our new automated reconciliation process, as well as the composite workbench, are truly innovative approaches to managing the plethora of data in the upstream industry," said Todd Kuipers, Director of Product Management. "We worked with our customers and industry experts to understand key business processes and built v2018 to alleviate the challenges that our users faced with other systems."
Key highlights in MOSAIC v2018 include:
- Rapid Reconciliation – Game changing functionality with highly configurable, push-button reconciliation for both regulatory Resources & Reserves (PRMS), and capital and operating budgeting.
- Usability – Composite workbench to quickly filter, sort, and search on hundreds of input, economic detail, and result variables. Users can also easily customize One Line Reports for review, QA, export, or filing.
- Extensive Presentations and Layouts – Chart detailed economics and compare indicators between scenarios on the new scatter plot.
- New Data Imports – Alternate ID alignment to allow data imports and connections from disparate sources.
- US Tax Changes – New bonus depletion options for MACRS15, in addition to MACRS7, support the December 2017 Congressional overhaul of US tax laws.
"As more legislative changes arise for our industry, our team is responding promptly to the market and adapting our technology to meet the requirements of our customers," says Mike Lake, President of the Entero Division of Quorum Software. "MOSAIC is once again first-to-market in delivering reliable functionality for new government changes. This means that our customers can work quickly to implement these changes into their business, with minimal disruption."
Legislative changes include a substantial bonus depreciation allowance for tangible capital expenditures with an expected depreciable life of 20 years or less, placed into service between September 27, 2017, and December 31, 2026. Of special interest to US oil and gas companies is the provision that the Bonus Depreciation not only applies to new capital expenditures, but also to capital used to acquire existing property. This is especially relevant to companies engaged in asset acquisitions.
The latest release provides upstream oil and gas companies with a simple and convenient option to trigger the application of the new Bonus Depreciation Allowance. MOSAIC v2018 offers a MACRS15 depreciation class, in addition to MACRS7, giving upstream companies more options when scheduling Tangible capital. The release also supports the ability to assign either MACRS depreciation class to each Tangible capital expenditure type. These new laws affect only Tangible capital and do not change the way Intangible, Lease or G&G capital expenditures are currently depreciated or amortized.
Quorum Software recently announced that it entered into a definitive agreement to acquire Entero Corporation. Both companies share a history of innovation and commitment to the energy industry, which today's announcement supports. Upon the successful completion of the acquisition earlier this month, Entero is now a division of Quorum Software. The joint portfolio of Entero and Quorum covers more of the energy value chain than any other oil and gas software provider. For a view of the combined portfolio of Entero and Quorum, visit www.quorumsoftware.com/Quorum-Acquires-Entero.
For more information on this latest version, please contact our sales team at sales@entero.com.
About Entero
Over 125 companies rely on Entero to provide clarity and efficiency in their critical business functions. With two product portfolios, Entero helps energy companies effectively plan, evaluate, and manage their upstream and midstream business. Entero ONE is a focused solution for companies dealing with NGLs, gas, crude, biofuels and refined products. The system supports all full cycle functions associated with the entire hydrocarbon supply chain, including production, processing, trading, logistics and accounting. Entero MOSAIC is the industry's only unified platform for petroleum economics, decline analysis, and reserves management. It is used by engineering, reserves, budgeting, capital planning and A&D groups to evaluate both corporate portfolios and individual reserve assets. Learn more at www.entero.com.
About Quorum Software
Quorum Software offers an industry-leading portfolio of finance, operations and accounting software that empowers energy companies of all sizes to conquer their most complex business challenges. From the field to the back office, defying complexity is coded in our DNA and our software. This unmatched experience is why Quorum is the choice of eight of the largest public energy companies worldwide, 75 percent of LNG exporters throughout North America and 80 percent of all natural gas processed in the United States. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to empower innovation at the speed of thought. At Quorum, we're helping visionary leaders transform their business, and the energy industry, for a digital world. For more information, visit www.quorumsoftware.com.
CONTACT: Genevieve Shoemaker, 713-377-6438, Genevieve.Shoemaker@edelman.com.
View original content with multimedia:http://www.prnewswire.com/news-releases/quorum-software-announces-release-of-entero-mosaic-v2018-300635435.html
SOURCE Quorum
