Colt Midstream Selects W Energy Softwares Cloud Based Plant Accounting Solution
Colt Midstream has licensed W Energy Software’s cloud-based plant accounting solution to modernize and streamline the accounting and tracking of natural gas, NGL, and gas condensate through its extensive North Texas gathering and processing system, replacing cumbersome legacy software with a flexible, accurate, and customer service-oriented platform that supports rapid calculations and cloud-based operations.
W Energy Software, a leader in upstream and midstream oil & gas ERP solutions, announced that Colt Midstream has licensed its plant accounting software. By selecting W Energy Software, Colt Midstream aims to enhance its ability to track the accounting movement of natural gas, NGL, and gas condensate through its gathering and processing system in North Texas. Key reasons for choosing W Energy Software include rapid and accurate calculations, flexibility to configure the software to Colt Midstream workflows, and W Energy Software’s reputation for customer service. This move continues W Energy Software’s track record of replacing legacy plant accounting software with its modern, cloud-based solution.
Sean Morton, Chief Financial Officer at Colt Midstream, stated, “Our goal is to transform the management of a 30-year-old gathering and processing system with high tech solutions and having everything run on the cloud was important to us, which is why we felt like W Energy Software was the best solution for us and a superior product.” He added that support was a key consideration, and feedback from peers and partners indicated that the legacy plant accounting software provider would not meet their service requirements. Morton also noted that the market is moving toward W Energy Software’s cloud-based solutions, largely due to their reputation for exceptional customer service.
Colt Midstream, based in Houston, owns and operates a 3,500-mile gathering system in the Fort Worth Basin and Barnett Shale of North Texas. Its processing facilities handle approximately 100 million MCF equivalent of natural gas, NGL, and gas condensate per day. After acquiring these assets, Colt Midstream inherited multiple software systems, including legacy plant accounting and measurement solutions. The inherited accounting software was cumbersome, required manual workarounds to verify allocations, and monthly settlement required overnight processing with frequent reruns.
Seeking to modernize its software portfolio and run all back-office operations on the cloud, Colt Midstream evaluated its legacy software and ultimately selected W Energy Software’s cloud-based accounting solution. This solution includes modules for Plant Processing, Gathering, Division Order, and Disbursement, as well as a Customer Activity Website for third-party shippers to track inventory and manage nominations. Colt Midstream is also working with a W Energy Software partner to integrate its new measurement solution into the plant accounting and financial systems.
Reasons for selecting W Energy Software over the competition include:
- Fast and reliable processing of settlements and allocations, eliminating manual workarounds and enabling processes to be run in minutes.
- W Energy Software’s strong reputation for customer service and partnership.
- Flexibility to configure software modules to Colt Midstream’s workflow requirements.
- Easy onboarding of data from other W Energy Software accounts after mergers or acquisitions.
- Superior functionality and user experience across a unified database and integrated software suite.
- Comprehensive, modern technology deployed in the cloud, reducing IT costs.
Pete Waldroop, CEO of W Energy Software, welcomed Colt Midstream and thanked them for their trust. He noted that midstream companies are moving to W Energy Software’s cloud-based platform due to sluggish performance and lack of trust in financial results from legacy systems, as well as a focus on partnership and business results.
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