Tidemark Planning and Analytics for Oil and Gas
Accessing Real-Time Analytics to Answer Important Questions
Laredo Petroleum is focused on the acquisition, exploration and development of oil and natural gas properties primarily in the Permian Basin in West Texas. With hundreds of wells across approximately 155,405 net acres in the Permian-Garden City area, Laredo had difficulty getting good visibility into their data.
The company needed answers to questions like how much they were spending, what was the revenue each rig was producing and whether or not they should continue to drill. To answer these questions, well supervisors and foremen reached out to external accounting or corporate departments to look into their P&L Excel spreadsheets. The entire process took a week and an additional week would be added on if further clarification was needed.
With Tidemark, Laredo Petroleum now has access to real-time analytics. They can capture their GL transactions and drill through to the detail. This allows the field not only to track the P&L at a well level, but quickly see which vendor is charging them, with a link to the invoice as well.
Well supervisors and foremen are now self-reliant. They can see real-time analytics on their mobile devices to answer important questions and act immediately.
In addition to real-time analytics, Tidemark improved Laredo Petroleum's budgeting process. Instead of needing four individuals to manage the process, Laredo only needs one while reducing the cycle from one week to one day.
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How is Tidemark is Different?
Tidemark's modern cloud architecture allows for unlimited dimensionality. This allows you to drill down to near real-time data rather than work off outdated summary level transactions. Tidemark's intuitive user interface fosters collaboration between decision makers to ultimately act on the story behind the numbers.
- Uses Apache Hadoop to process large data sets across clusters of computers
- Leverages Spark to power high-level tools for predictive and machine learning capabilities
- Access to as many CPU's and as much memory you want so you can analyze detailed data rather than summaries or subsets
- Get to the low level detail in a data warehouse efficiently
User Experience and Process Framework
- Expose all information with a mobile first user interface that gives finance the control they need to execute on data-driven plans
Not Enough Processing Power
- Can't work with hundreds of millions of records in a data warehouse
Summary Level Transactions
- Data is not a fully comprehensive view of what's happening within the organization
- Can only work with the structure provided
- Changes in the hierarchy can take a very long time
Excel-Based User Interface
- Does not account for real-time data and collaboration is difficult (users can't share or contribute efficiently)
Packaged Processes Specifically for Oil and Gas
- Find the most efficient wells (lowest cost per barrel of oil equivalent produced) with real-time efficiency analytics (per BOE analytics) that merges production data with financial data.
- Gain real-time pricing information up and down the management hierarchy (avg. price per barrel by Foreman, etc.) that merges production information with revenue data.
- Do analytics on gross and net LOS (pre and post adjustment for ownership %).
Greater Agility and Self-Reliance
- Input or adjust information directly into Tidemark on the fly and instantly see the impact it will have.
- Bring more well supervisors and foremen into the FP&A process with a self-service environment for G&A analytics, G&A budgets, LOS analytics, and LOE budgets.
- Free individuals at the edges of the organization from relying on accounting and corporate departments for P&L statements and clarifications.
- Easily review budgets to understand where money is being allocated and whether or not it aligns with the strategic goal of the entire organization.
- If unseen external factors occur, adjust budgets within the Tidemark platform immediately.
- Leverage a paperless platform that supports electronic authorizations and mobile devices, and provides a solid audit trail no matter what action is taken or on which device.
- Track current and planned headcount budgets across departments.
- Analyze payroll, benefits and tax to pinpoint variables that affect performance.
- Plan benefits and merit increases.
- Leverage predictive modeling to see where to hire and retain, what skills to improve, and how wage and merit changes impact business performance.