Nuevo Energy Company (NEV, NYSE of Houston, TX) is engaged in the acquisition, exploration, development and production of crude oil and natural gas. Their core areas in the United States are onshore and offshore California and West Texas. Nuevo Energy also has international crude oil production in the Republic of Congo. As of December 31, 2002, the company's domestic proved reserves totaled approximately 203.0 MMBOE (million barrels of oil equivalent), or 93% of total proved reserve base, and their estimated international net proved reserves totaled 14.2 MMBOE, or 7% of its total proved reserve base.
Nuevo Energy chose to go with INSSINCâs FUTRAK software after three months of phone contact and interactive web demonstrations. "All our E&P customers benefit from our FAS 133 functionality, as well as our options calculator and our ability to mark-to-market 3 way collars," another distinction that Director of Sales, Rich Kulaszewski, makes to differentiate FUTRAK.
INSSINC has provided companies with hedge accounting and risk management software for over 20 years. Founded in 1983, INSSINC provides risk management and FAS 133 software that can be deployed as an ASP or on-site to energy companies including: E&P, gas gatherers, pipelines, refiners, petrochemical firms, power utilities, LDCâs energy retailers, municipals, cooperatives, and energy merchants. In addition, they provide support for natural gas, crude, power, NGLs and refined products.