PAR PACIFIC HOLDINGS GOES LIVE WITH ALLEGRO'S CTRM
American Energy Company Implements Allegro's CTRM Software with The Vessel Group
DALLAS & HOUSTON, Sept. 27, 2017 – Allegro Development Corp., a leading commodity trading and risk management software provider, and The Vessel Group, an energy consulting and talent sourcing firm, announced today that Houston-based Par Pacific Holdings Inc. has fully implemented Allegro’s commodity trading and risk management (CTRM) software to manage crude oil and derivatives transactions.
Last year, Par Pacific enlisted The Vessel Group’s gold-standard consulting services to evaluate the energy company’s commodity trading and risk management processes in order to improve risk mitigation and mark-to-market positioning/volumetric reporting, as well as create better positioning for optimal purchasing. In a competitive CTRM environment, The Vessel Group aided Par Pacific in choosing Allegro’s scalable, forward compatible and innovative CTRM solution.
With Allegro’s software now fully implemented through a joint collaboration with The Vessel Group, Par Pacific will have additional real-time visibility into its crude refining processes, thereby improving risk positioning. Allegro’s additional mark-to-market tools, automated pricing and daily valuation data will provide full transparency of front, middle and back offices with auditable internal controls and functions.
Frank Brienzi, CEO, Allegro:
“Par Pacific’s unique business model and continued growth projections in the North American crude and refined products market requires a scalable end-to-end solution that provides them full position visibility into their commodity trading and risk management capabilities. The implementation of Allegro’s commodity trading and risk 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.”
William Pate, President and CEO, Par Pacific:
“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 platform.”
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 software.”
About Par Pacific
Par Pacific Holdings, Inc., headquartered in Houston, Texas, owns, manages and maintains interests in energy and infrastructure businesses. Par Pacific’s strategy is to identify, acquire and operate energy and infrastructure companies with attractive competitive positions. Par Pacific owns and operates one of the largest energy infrastructure networks in Hawaii with a 94,000-bpd refinery, a logistics network supplying the major islands of the state and 91 retail locations. In Wyoming, Par Pacific owns a refinery and associated logistics network in a niche market. Par Pacific also owns 42.3% of Laramie Energy, LLC., which has natural gas operations and assets concentrated in the Piceance Basin in Western Colorado. To learn more about Par Pacific, visit their website at www.parpacific.com.
About The Vessel Group
The Vessel Group is a Houston-based energy consulting and talent-sourcing firm on a mission to take a holistic approach to understanding our clients’ talent and strategy goals. Leveraging a 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. Their values are centered on dedication to their mission, conducting business with integrity, acting expeditiously on behalf of their clients and establishing lasting partnerships. To learn more, visit The Vessel Group’s website at www.thevesselgrp.com/.
Allegro is the gold standard in commodity management software for companies who buy, sell, produce or consume commodities. For over 30 years, Allegro has delivered position visibility, risk management, comprehensive controls and regulatory compliance through a forward compatible, next-generation architecture that is built for your business. Headquartered in Dallas, Texas, Allegro has offices in Calgary, Dubai, Houston, Jakarta, London, Singapore and Zurich, along with a global network of partners. Visit Allegro’s website at allegrodev.com.