Cindy Kelemen
Marketing Director
DO2 Technologies
ckelemen@do2.com
DO2 Technologies Inc., a software solutions company that optimizes financial and operational processes between energy companies and their suppliers, announced that Unocal (NYSE: UCL) has agreed to expand implementation of DO2's OpenInvoice and OpenContract solutions to automate and streamline their invoicing processes, and has signed a multi-year corporate license agreement.
Unocal, one of the world's leading independent natural gas and crude oil exploration and production companies, with principal operations in North America and Asia, has been utilizing DO2's solutions since April 2002 and will begin expanding implementation to its US onshore and Alaska operations. Additionally, the number of user licenses will increase dramatically.
"We've used DO2's financial solutions for nearly three years now and have realized benefits through the use of the auto price verification against commercial contracts and the reduced processing times due to automation and control of approval workflows," said Kevin O'Donnell, Vice President of Drilling, Procurement & Logistics at Unocal. "DO2's tools also have allowed Unocal to free up resources in Operations and Accounts Payable that were previously used to process paper invoices. We look forward to continuing our relationship with DO2 Technologies and expanding the use of this technology."
"Unocal's decision to renew their agreement for several years, and to expand their implementation is great validation for us that we're on the right track with our solutions," said Rod Munro, President, DO2 Technologies. "Unocal was one of the first companies to implement OpenInvoice, and they have been an important source of feedback and advice for us during the development process. We are delighted that they have elected to continue and expand the agreement, and we are looking forward to continuing to work with them for many years to come."
OpenInvoice allows suppliers and operating companies to collaboratively create and process invoices and field tickets, eliminating up to 80% of invoice processing costs. In addition, OpenInvoice provides for spend capture and analysis, allowing operating companies to work with their strategic suppliers to improve operations and drive down direct spend.
OpenContract is fully integrated with OpenInvoice to further reduce invoice processing time through its pricing reconciliation and contract lifecycle management capability. The combined solution automatically ensures invoices are priced according to contracted rates for every line item.
DO2 Technologies delivers Internet-based solutions that automate and integrate financial and operational processes between energy companies and their suppliers. Our products simplify complex workflow processes and enable collaboration within and between organizations. Drilling, Production, Finance, Procurement, and Purchasing departments, as well as external service suppliers and partners all use DO2 Technologies solutions.
Unocal is one of the world's leading independent natural gas and crude oil exploration and production companies. The company's principal oil and gas activities are in Asia and North America. For more information about Unocal, visit the company's web site at www.unocal.com.
Cindy Kelemen
Marketing Director
DO2 Technologies Inc.
(713) 260-9693
ckelemen@do2.com
http://www.do2.com