Par Pacific Holdings Goes Live With Allegro's CTRM
FOR IMMEDIATE RELEASE
PAR PACIFIC HOLDINGS GOES LIVE WITH ALLEGRO’S CTRM
American Energy Company partners with The Vessel Group to implement Allegro CTRM software, boosting growth and reducing risk.
HOUSTON, TX – October 9, 2017 – Par Pacific Holdings Inc., one of the largest mid-tier crude and refined products companies in the Americas announces that The Vessel Group’s implementation of Allegro CTRM has gone live, instantly advancing Par Pacific’s ability to manage physical crude refining and derivatives.
As one of the largest mid-tier crude refined products companies in the Americas, Par Pacific owns, manages and maintains interests in energy and infrastructure businesses. The company identifies, acquires and operates one of the largest energy infrastructure networks in Hawaii with a 94,000- bpd refinery, a logistics network supplying the major islands in the state and 90 retail locations. Par Pacific owns a refinery and associated logistics network in a niche market in Wyoming. Additionally, Par Pacific owns 42.2% of Laramie Energy, LLC., which has natural gas operations and assets concentrated in the Piceance Basin in Western Colorado.
With The Vessel Group’s implementation of Allegro software now implemented, Par Pacific will have real-time visibility into its crude refining processes, improving risk positioning, and adding mark-to-market tools, automated pricing, daily valuations, and providing full transparency of front, middle and back office, with auditable internal controls and functions.
Prior to the Vessel Group’s implementation of Allegro CTRM, Par Pacific was using a combination of spreadsheets and another risk software solution to manage its trading and risk. In order to better mitigate risk and improve mark-to-market positioning and volumetric reporting, and position themselves for optimal spot purchasing, Par Pacific identified the need to evaluate its commodity trading and risk management processes.
After interviewing multiple firms, The Vessel Group, an energy consulting and talent sourcing firm based in Houston was chosen to lead the system selection process, and subsequent implementation and integration of Allegro CTRM at Par Pacific. The Vessel Group worked with Par Pacific to take a deep dive into its processes and define how they would improve them in order to reach their strategic goals. Allegro’s CTRM was the natural choice in commodity and risk management software due to its scalability and innovative solutions.
Joseph Israel, CEO, Par Pacific Holdings Inc.
“When we initially reviewed our commodity trading and risk management processes, we determined Allegro was the best CTRM software provider for us because they are not only a stable company that has a proven track record of success, but can also grow with our business as we move into more commodities markets. Implementation with Allegro’s project team and The Vessel Group was extremely efficient; and I am excited to announce that we are now operating on the Allegro CTRM.”
Dennis Hatchett, CEO, The Vessel Group
“Par Pacific’s growth potential is exponential, and Allegro’s CTRM software will enable them to remain agile as they continue to gain market share and acquire new commodities. We look forward to continuing our partnership with Allegro in supporting Par Pacific’s commodity trading and risk management.”
Frank Brienzi, CEO, Allegro Development Corp.
“Par Pacific’s unique business model and continued growth projections in the North American crude refined products market require a scalable end-to-end solution that provides them full position visibility and into their commodity trading and risk management. The implementation of Allegro’s commodity trade management solutions at Par Pacific, which was completed on time and on budget, will aid in streamlining the company’s current processes while supporting future growth.”
About The Vessel Group
The Vessel Group is a Houston-based energy consulting and talent sourcing firm, with deep industry experience. Leveraging their relationship-based model, The Vessel Group provides leadership and guidance to Energy companies, as they make crucial business decisions connected to People, Process and Technology. The significance of multi-year implementations along with their extensive costs have led companies to seek technology solutions firms with strong industry knowledge, resourcefulness and experience. Visit The Vessel Group’s website at https://www.thevesselgrp.com.