IndustryVoice: Frustrated Oil & Gas Teams Make These 10 Choices to Make More Money, Save Time, and Run Their Businesses Smarter
For those who do so much for our country - the true backbone of America's energy dominance - independents deserve more than better, they deserve the best technology.
Hart Energy IndustryVoice June 5, 2023 - Many of America's independent producers are forced to run their businesses on 30-year-old software that is too expensive to replace or even upgrade and further weighed down with manual processes, spreadsheets, and workarounds. Time spent on data wrangling, formatting reports, and constantly fielding requests from interest owners adds to the frustration.
For those who do so much for our country - the true backbone of America's energy dominance - independents deserve more than better, they deserve the best technology.
The transition from WolfePak Software to PakEnergy Software marked the Texas-based developer's commitment to create America's energy software, a comprehensive and integrated suite of solutions that connects the field and back office, built for independents.
Seeking to match the technology needs of independents with its innovative cloud platform, here are just a few ways PakEnergy Software is helping energy companies of all sizes break free from their legacy software, shrink costs, and automate to higher levels of efficiency, from land and production to accounting and regulatory reporting.
- Automated at Risk Leasehold Tracking
Shut-in wells present economic and legal risks, however, monitoring down well events and gathering the relevant data to make informed decisions quickly is a pervasive challenge for land teams. With PakEnergy Land, teams are instantly alerted when production stops for a user-defined period, enabling land and operations to rapidly collaborate around a solution. - Lease Obligation Tracking
Complex leases and filing rooms filled with paper records present a large-scale administrative challenge as well as legal risks from missed obligations to interest owners. PakEnergy Land provides a complete view of upcoming obligations and expirations with automated workflows to accelerate SOX-compliant payment approvals. - Owner Relations Automation
From hundreds to tens of thousands of interest owners, independent producers face a nonstop and daunting challenge of keeping ownership information up to date, sharing revenue and production data, and issuing 1099s. With the introduction of its Owner Relations Portal, PakEnergy automates much of the process by securely giving owners self-service access to the data and documents they need directly over the web. - Production Surveillance Dashboard
Field operations often rely on a mix of field data capture methods, from handwritten notes and run tickets left in a mason jar at a lease to spreadsheets and automated SCADA data streams, creating data delays and a fragmented view of production. PakEnergy Production brings mobile field data capture and SCADA into the cloud where it can be aggregated, validated, allocated, and visualized in real-time production dashboards. - Pump by Exception
Pumpers (also known as lease operators or gaugers depending on the region) are tasked with monitoring up to a hundred wells and typically follow a set well route to collect measurements and perform lease assessments while wells that need urgent attention wait. PakEnergy Production helps independent producers minimize well downtime with rules-based and AI-powered technology that redirects pumpers to priority wells. - State and Federal Reporting
Producers are obligated to file monthly regulatory reports for the areas they operate in - including state and federal lands - in the exact format that regulatory agencies require, which vary widely and often change. PakEnergy Production helps producers manage the complexity of allocating production volumes and then automatically generates reporting in the digital formats preferred by regulators. - Revenue Billing and Distribution
All-purpose financial accounting solutions do not accommodate the unique complexity of the energy industry with revenue billing and distribution to thousands of interest owners. PakEnergy Accounting enables producers to bill, pay, and net owners in one solution and accelerates monthly distributions with support for printing & mailing large check runs. - Joint Interest Billing
With investor groups that often change, producers face significant challenges when it comes to joint interest billing for their working interest owners. PakEnergy Accounting accurately allocates costs to investors/owners and allows teams to manage thousands of holdings at the individual level, with different percentages, exemptions, and summaries. - Accounts Payable Automation
Most producers struggle with a constant flow of invoices from the field, suppliers, and service companies. PakEnergy Accounting allows teams to automate their AP process with smart workflows that route digital invoices for approval featuring an integrated bank reconciliation system for easy account balancing and sharing with A/P, revenue, and payroll. - Digital Oilfield Document Management
Unstructured data and documents are accelerating in volume, creating a large-scale challenge to store, organize, and find the information that is needed across an organization. PakEnergy Exchange brings robust business automation to land and well files, accounting, and other document types to accelerate signatures and approvals, get more work done in a day, and decrease employee frustration.
The new standard of America's independents, PakEnergy Software is delivering a new level of business automation, user experience, and digital oilfield innovation. With a state-of-the-art cloud platform and mobile app for pumpers, it bridges the field and back office to enable unprecedented visibility into production through accounting and regulatory reporting.
PakEnergy Software helps producers do more with a lean team, lower operating costs, manage operations by exception, simplify M&A integration, and transform manual, repetitive tasks that distract into touchless workflows. As a result of these benefits, America's independents can focus more on what they love, delivering the energy and petrochemicals that drive the US and global economy.
PakEnergy Webinar: O&G Accounts Payable + Owner Relations teams “Exchange” for Automatic Vendor Setup, Touchless Invoices + eSignature Division Orders. Watch the webinar to learn more!
