Triple Point Technology, the leading global provider of multi-market commodity and enterprise risk management software solutions, says that Tullow, one of the largest independent oil and gas exploration companies in Europe, has selected Commodity XL for Hedge Accounting™ to ensure compliance with IAS 39 disclosure and reporting for crude oil and natural gas.

Tullow has operations in Africa, Europe, South Asia and South America with current production of 60,000 barrels of oil equivalent per day (boepd). Founded in 1985, Tullow is headquartered in London and employs over 540 people worldwide.

Tullow uses derivatives to hedge price movements in natural gas and crude oil and must comply with International Accounting Standard (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 & Marketing Manager, Tullow.

"Tullow joins Triple Point's long list of exploration and production (E & P) customers including Newfield Exploration Company, Southwestern Energy Company, Plains Exploration & Production (PXP), Targa Resources and Unit Corporation," said Michael Schwartz, chief marketing officer, Triple Point. "Tullow's selection of Commodity XL is affirmation that leading E & P companies trust Triple Point to provide proven commodity management solutions."

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