Last week’s exciting news about the Drillinginfo acquisition of Oildex came just before the Oildex User Conference in Park City, Utah, where we had the opportunity to present to their users about our partnership and what actionable insights they can see and act on through this partnership. Here are some highlights from the event and a recap of our presentation.
Better Together: Oildex and Drillinginfo
As an existing partner with both Drillinginfo and Oildex, we are excited about the combination of two leading data providers. Together, the industry and existing MineralSoft customers now have access to the most complete data platform offering well, production, land, and revenue information. Because of our exclusive data integrations with Oildex and Drillinginfo, MineralSoft is uniquely poised to deliver even more value to our clients through this new platform. As ever, MineralSoft remains the leading innovator in the non-op asset management space and we look forward to leveraging the powerful new synergy of data providers for real time, in depth, actionable insights and reporting.
MineralSoft Presentation Q&A
While at the Oildex User Conference, MineralSoft’s Founder and CEO, Gabe Wilcox along with Jay Snodgrass, VP of Sales & Business Development had the opportunity to present key strategies for optimizing non-op portfolio management using big data insights. The recent news of Drillinginfo and Oildex joining forces underscored the critical role of big data in driving non-op workflows, from A&D and land records management to accounting and audit.
The following questions were posed to the audience during our presentation and are questions you should be asking yourself as well.
What insights live in my monthly revenue statements?
Today, you are probably using Excel, Quickbooks, or even a production accounting system like Wolfepak or OGsys designed for the unique needs of operating companies. These solutions were not built for non-op investment, making important questions difficult to answer. Does your current revenue tracking system allow you to easily see your revenue for any given time period? How about an easy view into the products you sold and what prices you realized?
Having the ability to easily access and report on your revenue data is critical to efficiently managing your portfolio, no matter the size. And those reports can’t wait days or weeks for the data to be loaded and quality controlled, which is why integrating Oildex’s real-time revenue data into your accounting system is critical to your success.
What insights insights live in my land documents?
Chances are your organization has a large amount of land data and documents stored in a chaotic mix of physical filing cabinets and digital files on network or personal hard drives. As an oil & gas investor, your success depends on being able to easily find land and legal data for what you own, where it’s located, how much you paid, and when leases are expiring.
Poorly organized land data and documents and the inability to quickly search and find critical records presents multiple challenges for investors, not least of which is the risk of a dropped lease. Keeping track of lease provisions, division orders, deeds, tract and lease details requires central management in standard digital formats for easy searching and retrieval. But it’s not enough to simply have a digital filing cabinet – your land records must also be linked together in a meaningful taxonomy, putting all relevant land data in context with wells and revenue.
What insights live in my acquisitions?
As you invest and acquire new oil & gas assets, keeping track of what you’ve acquired, and where your investments are being maximized is insight that you should be using to assist with your future investments.
Over $2.5B in A&D activity have flowed through the MineralSoft platform this year. There’s a massive amount of data associated with these assets. And without a way to look into each dollar spent to understand what’s happening with your investments, you’re likely losing out on potentially large, revenue generating investment opportunities.
Your organization needs a way to make data-driven buying decisions. Knowing when to exit a position while maximizing ROI also hinges on having access to the right information, at the right time. Lucky for you, there is a solution today that can help you with this. MineralSoft’s platform gives you the features and data you need to optimize A&D decisions.
The biggest question of them all: Was I paid correctly?
In 2017, there was an estimated $9.5B loss in underpayments in the mineral and royalty investment asset class. Sounds scary, and it is. You should be checking the decimals on every single check stub, reviewing the deductions and even making sure that you are getting paid on every well you’re entitled to get paid on.
There’s a lot of data provided in your check stubs each month that you likely aren’t leveraging today.
Imagine a system that not only is a repository for this information, but also alerts you when something doesn’t look right or is missing. You could be missing entire checks and not even know it!
This is the biggest opportunity for any mineral owner, and over 100 different institutions have seized the opportunity with MineralSoft.
Conclusion and Next Steps
To wrap things up, it’s critical to transform your disparate sources of land, well, production and financial data into actionable insights that you can use to maximize returns on your investments. Whether you are a mineral fund or individual, MineralSoft’s best-in-class mineral management technology and exclusive Drillinginfo and Oildex data integrations make big data insights possible.
The questions posed during MineralSoft’s Oildex User Conference presentation are questions you should be asking yourself every day. If you’re interested in getting those questions answered, join us at one of our upcoming events or contact us today.
Interested in seeing the presentation? Send us a note at firstname.lastname@example.org.