(FuelQuest issued the following news release on May 24.)
HOUSTON — FuelQuest, the leading on-demand software and services company for the downstream energy industry, announced today that BNSF Railway Company has deployed its Fuel Management System(TM) (FMS) and ZyTax(TM) solution to streamline its fuel management processes.
With approximately 1.5 billion gallons of fuel being purchased each year, manually managing complex diesel fuel supply chain processes around inventory management, fuel procurement, delivery and financial reconciliation are tasks that BNSF is eager to streamline. Although the railroad’s sophisticated fuel- purchasing team will leverage FMS’s greater visibility into market pricing, local postings and contract calculations, the goal of the FMS implementation is first and foremost to improve controls and maximize efficiency through streamlining operations, reducing paperwork and maximizing employee value.
“With volatility high and fuel prices at a premium, BNSF is looking for every possibility to reduce our over-all fuel spend and a key objective is ensuring that fuel contract pricing is strictly adhered to” said Casey Gourley, Director of Fuel Management for BNSF. “We selected FuelQuest because its solutions streamline payables, standardize internal processes and reduce workload. It is very important to us to implement an electronic solution that easily facilitates the integration of all our suppliers from small jobber operations to large oil company invoicing.”
By implementing the ZyTax solution, BNSF takes another significant step toward automation with functionality that electronically determines fuel excise taxes and dramatically simplifies fuel invoice reconciliation. ZyTax frees up the tax department to concentrate on other aspects of the business, while reducing the administrative and regulatory burden associated with complex tax calculations and filings to state agencies.
“We are proud to be associated with a global pioneer in the railway sector like BNSF,” said Rich Cilento, CEO of FuelQuest. “By engaging every part of BNSF’s fuel supply chain, FuelQuest will support reducing product and support costs, automating fuel tax filings and most importantly providing an infrastructure to scale with the company as it continues to grow.”
About BNSF Railway Company
A subsidiary of Burlington Northern Santa Fe Corporation , BNSF Railway Company operates one of the largest North American rail networks, with about 32,000 route miles in 28 states and two Canadian provinces. BNSF is among the world’s top transporters of intermodal traffic, moves more grain than any other American railroad, carries the components of many of the products we depend on daily, and hauls enough low-sulfur coal to generate about ten percent of the electricity produced in the United States. BNSF is an industry leader in Web-enabling a variety of customer transactions at http://www.bnsf.com/ . About FuelQuest
FuelQuest, Inc. has uniquely captured the market as the preferred fuel platform provider for the global downstream energy industry. The Company provides information technology, supply chain management, tax automation, and energy services to the entire refined petroleum complex. FuelQuest helps its over 750 customers manage the supply chain complexity, tax/environmental regulation, and commodity market volatility of billions of gallons of gasoline and diesel fuel annually. FuelQuest Energy Services expands the fuel value chain into the bulk fuel physical markets and financial derivative markets. FuelQuest customers include fuel retailers, fuel suppliers, government entities, distributors, trading firms and large transportation companies who benefit from real-time product information and fuel procurement, logistics and working capital savings. The Company’s technology initiatives and energy services align with the increasing market/customer demands to become more fully integrated with the primary and secondary fuel supply chain.