The Permian Basin stretches across 300 dusty miles in west Texas and New Mexico. From the moment drilling began there in 1921, the Basin was a reliable source of oil – that is, until about a decade ago, when traditional drilling technology had run its course in the area and Basin wells sat capped and unused.
But after energy companies embraced an innovative new drilling technology – hydraulic fracturing, or fracking – production soared. By 2013, drilling in the Basin accounted for 57 percent of all Texas oil production, and 25 percent of oil production in the United States.
Now energy industry leaders are embracing a new kind of innovation – one that helps them drill into their own data to better manage performance in real time across all parts of their business. And it’s not just oil and gas companies: clean and renewable energy firms are also moving away from the rigid planning and analytics systems of the past which, like traditional drilling methods, have also run their course. These companies are turning instead to solutions that transform complex data into actionable insights that employees at all levels can understand and rely on to drive better outcomes.
For a growing number of energy innovators, that solution is Tidemark Planning and Analytics for Energy, a new set of packaged processes built on Tidemark’s modern cloud platform. Tidemark’s computational cloud is unbound by rigid constraints from cubes, and it leverages the power of SPARK™ computation services, so both financial and operational users can find answers on virtually any question – and then act on them in ways that impact financial and operational performance.
Developed with direct input from our portfolio of energy industry customers, Tidemark Planning and Analytics for Energy includes pre-configured, industry-specific measurements that look at emission rates, unit-level and process-level optimization, LOS (lease operating statement), LOE (lease operating expense), BOE (barrels of oil equivalent) metrics and more. Employees across the business can access this information from any location using virtually any device.
Consider the experience of these two energy leaders:
· Global energy giant ENGIE Group, whose operations on five continents make it the world’s No. 1 independent producer of power, relies on Tidemark to capture data from the company’s operations, finance, human resources, marketing and sales groups into a single environment. Now more than 150,000 employees in 70 countries can operate under the same set of numbers, collaborate across business units, and make decisions that improve outcomes.
· Laredo Petroleum, which operates more than 1,000 wells in the Permian Basin, is transforming its planning and forecasting with Tidemark. Before implementing Tidemark, Laredo Petroleum supervisors and foremen had to wait up to two weeks to learn how much revenue a particular rig was producing or whether it made financial sense to continue or stop drilling on a site. Today, managers and field personnel alike can access Tidemark to get answers to those questions immediately, enabling them to save expenses by taking the right actions sooner.
If you’re struggling to answer the questions that reveal how your energy business is really performing, request a personalized demo of Tidemark Planning and Analytics for Energy. Who knows? Your next great discovery may be just a click away.