ALTOONA, Pa. -- Sheetz Inc. has selected Triple Point Technology's Commodity XL for Oil to manage wholesale gasoline procurement, hedging programs and supply chain logistics from purchase point to storage location.
The convenience retailer will use Commodity XL for Oil to gain a real-time view of position and risk, administer a hedge program consisting of listed and over-the-counter (OTC) derivatives and improve its corporate control posture and reporting.
"Sheetz required an enterprise software system to manage position and risk across the operation," said Sean Harp, petroleum supply [image-nocss] manager for Sheetz Inc.
"Commodity XL…fulfills all the requirements of an enterprise risk management solution including governance and regulatory compliance, counterparty credit, market and operational risk for the entire oil value chain from exploration and production (E&P) to refining all the way downstream to the gas pump," said Michael Schwartz, chief marketing officer of Triple Point. "Commodity XL is an integrated, multi-market platform that streamlines business operations, eliminates errors associated with manual processes and creates a framework for better energy trading and enterprise risk management."
Commodity XL is a multi-market commodity and enterprise risk management solution that meets all of the requirements for supply, trading, marketing, logistics, scheduling, risk management and accounting in today's volatile and complex environment: multi-commodity management, business intelligence and analysis tools for proactive decision-making, real-time integration of physical and financial positions, advanced service-oriented architecture (SOA) and comprehensive enterprise risk management covering the four key areas of corporate financial exposure: operational risk, market/price risk, counterparty credit risk and corporate governance and regulatory compliance risk.
Sheetz has also selected Commodity XL PhysOps Visual Cockpit to manage its logistical operations. It is a software solution for managing the logistical and financial complexities of waterborne and overland commodity shipments of bulk and packaged commodities. PhysOps Visual Cockpit enables commodity importers, exporters, producers, refiners, manufacturers, distributors and global traders to move bulk and packaged commodities by sea-going vessel, barge, truck, railcar and pipeline. With PhysOps Visual Cockpit global commodity traders can plan, conduct and optimize complex shipments including those involving multiple cargos, suppliers and receivers, delivery points and border crossings.
Westport, Conn.-based Triple Point Technology is a leading global provider of multi-market commodity and enterprise risk management software solutions. Commodity XL profitably integrates physical and financial markets on a real-time, service-oriented architecture (SOA) platform for commodities including power, oil, gas, coal, base and precious metals, agricultural products, biofuels and freight.
Altoona, Pa.-based Sheetz has 350 gas and convenience stores and employs more than 12,000 people across Pennsylvania, Virginia, North Carolina, Massachusetts and Ohio.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.