LARGE U.S. INDEPENDENT OIL AND GAS COMPANY SIGNS FIVE-YEAR EPAYABLES AGREEMENT FOR OILDEX’S SPENDWOR
Friday, February 7, 2014
LARGE U.S. INDEPENDENT OIL AND GAS COMPANY SIGNS FIVE-YEAR EPAYABLES AGREEMENT FOR OILDEX’S SPENDWORKS
Cloud-based eInvoicing and AP automation platform will help large oil exploration company to establish visibility into cash flow and better manage working capital
DENVER and HOUSTON – February 6, 2014 –Oildex, the innovator of smart information management solutions for the oil and gas industry, announced today it has reached a five-year agreement with WPX Energy, Inc., to deploy Oildex’s Spendworks product throughout their business. This sale sustains healthy momentum for Spendworks in the marketplace and the overall positive financial performance of Oildex.
WPX Energy is a large exploration and production company headquartered in Tulsa, Oklahoma. The company sought to reduce costs, streamline the accounts payable workflow, gain better cash flow visibility and predictability and better manage their working capital.
Two of WPX’s production basins already use Oildex’s Spendworks and receive 96% of their invoices electronically. After evaluating multiple ePayables services, they chose to expand their deployment of Spendworks across their enterprise. According to WPX, Spendworks meets their business goals while providing a reliable, easy-to-adopt solution.
Oildex’s Spendworks is a SaaS-based, ePayables solution encompassing electronic delivery of invoices and AP workflow automation. Spendworks customers are able to leverage Oildex’s community of tens of thousands of oil and gas-specific supplier connections, paired with its premium, dedicated supplier -enablement service, to ensure a high ratio of electronically delivered invoices. eInvoices are processed through a web-based workflow, which streamlines the validation, coding, routing and approval of invoices, and supports early pay discount capture. Tight integration to the customer’s ERP system and mobile functionality opens anywhere, anytime access into actionable data and information. Most importantly, by providing quicker, more accurate access to payables information, Spendworks provides organizations better visibility into their cash flow and tighter control of their working capital.
WPX and Oildex will work together over the coming months to develop additional functionality, enable WPX’s remaining supplier network and train hundreds of additional users in preparation for deployment, in the summer of 2014.
"We are excited to further our relationship with WPX and look forward to providing the high quality of service they’ve come to expect from Oildex,” said Chris Dinkler, VP of Account Management and Sales at Oildex. "With Spendworks, WPX will not only be able to attain the efficiencies in process and cost they’re seeking, they’ll benefit from a better sense of control and sharper financial picture across their entire business. For Oildex, this long-term agreement with WPX continues to build on the considerable market momentum we enjoyed throughout 2013.”