Tullow Oil Selects Triple Point's IAS 39 Commodity Hedge Accounting Software
Tullow, a large independent oil and gas exploration company, has selected Triple Point’s Commodity XL for hedge accounting to ensure compliance with International Accounting Standard (IAS) 39 disclosure and reporting for crude oil and natural gas.
Tullow has operations in Africa, Europe, South Asia and South America. The firm uses derivatives to hedge price movements in natural gas and crude oil and must comply with 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 and marketing manager, Tullow.