WTTW: Industry Voices – From Data Dungeons to Dynamic Decisions

May 28, 2024

Transitioning from spreadsheets to online database platforms can revolutionize the way companies manage and analyze their data. XI Technologies’ AssetBook is a premier tool that facilitates this transition, offering detailed analysis and reports on working interest production, historical production, reserves, asset retirement obligations, land holdings, facilities, and pipelines.

To understand its impact, we spoke with several industry professionals who have recently made the switch.

Understanding Asset Retirement Obligations with ARO Manager

Transitioning to Web-Based Data Tracking and Reporting for ARO

XI: How has switching from spreadsheets to a web-based platform improved your ARO tracking and reporting workflow?

Jen T., Senior Analyst:

“Moving to AssetBook’s ARO Manager from traditional spreadsheets has been transformative. Spreadsheets often become cumbersome with large datasets, leading to inefficiencies and errors. AssetBook’s web-based platform provides quick access to data, ensuring that everyone in the organization is working with the most accurate information. This transition has significantly streamlined our workflow and improved data accuracy.”

Mike R, Operations Manager:

“Spreadsheets are prone to version control issues and can be difficult to navigate. Having a web based centralized database eliminates these problems, making it easier to manage and access detailed working interest production data. This switch has enhanced our ability to make quick, informed decisions without the hassle of managing multiple spreadsheet versions.”

Figure 1: Spreadsheet that has outgrown itself transferred into an organized, updated database (ARO Manager).

Managing Asset Retirement Obligations

XI: How does ARO Manager help you track, and report asset retirement obligations compared to traditional methods?

Alex M, Decommissioning Coordinator:

“Managing asset retirement obligations with spreadsheets can be highly challenging due to the complexity and volume of data. ARO Manager offers a centralized, web-based platform that simplifies tracking and updating our ARO data. It provides a clear, organized view of all our obligations, helping us ensure compliance, and plan decommissioning activities efficiently.”

Linda H, Environmental Compliance Officer:

“ARO Manager’s detailed and up-to-date data management capabilities have significantly improved our ability to stay on top of regulatory requirements. The web-based system ensures that we always have access to the latest information, which is critical for planning and executing our retirement strategies.”

Figure 2: XI’s AssetBook ARO Manager Liability Schedule

Static Historical Data for ARO

XI: How does reviewing historical data compare to traditional methods?

Erin F, Data Scientist:

“Our web-based system provides an extensive view of historical data that is easily accessible and more reliable than old spreadsheets. Analyzing trends and patterns over time is simpler and more efficient. This has enhanced our planning capabilities significantly.”

John A, CFO:

“With AssetBook, we no longer have to sift through multiple documents to find historical data. The centralized platform offers detailed records at our fingertips, helping us assess asset reliability and potential swiftly. This transition has improved our strategic decision-making process.”

Figure 3: Compare the history of a saved project

AssetSuite for A&D

Comprehensive Reserves Information for A&D

XI: What are the benefits of using a data base for reserves information over traditional spreadsheets?

Lori H, Business Analyst:

“AssetBook offers a structured and detailed view of reserves data that spreadsheets simply can’t match, since the production data changes every month. The web-based platform ensures data consistency and accuracy. This has allowed us to evaluate our assets’ potential more effectively and make informed strategic decisions.”

Scott C, Exploration Manager:

“The comprehensive and organized reserves information in AssetBook helps us confidently report and plan our operations. The web-based system enhances our ability to explore and develop resources strategically from anywhere with an internet connection.”

Extensive Land Holdings Data for A&D

XI: How have data bases improved the management of land holdings data compared to spreadsheets?

Ron L, Land Manager:

“Managing land holdings in spreadsheets can be chaotic and error prone. Data bases provide an extensive and organized listing of land holdings, making it easier to track and optimize their use. The transition to a web-based platform has streamlined our land management processes and improved our planning and negotiation capabilities.”

Kim B, Strategic Planner:

“The detailed and centralized land holdings data allows us to understand our assets’ full potential. This web-based approach ensures we always have the most accurate and up-to-date information, which is crucial for compliance and strategic planning.”

Company and Area Breakdown for A&D

XI: How does the ability to break down data by company or area enhance your acquisition and/or divestiture analyses?

Tyler M, Market Analyst:

“Web-based systems allow for tailored analyses by company or area, which spreadsheets cannot efficiently support. This flexibility is crucial for conducting detailed market analysis and making strategic decisions. The centralized and current data ensures consistency and accuracy in our evaluations.”

Sophia C, Business Development Manager:

“Being able to break down data by area helps us plan regional development more effectively. AssetBook provides the granular data we need to make informed decisions that consider local conditions and opportunities.”

Facilities and Pipelines for BOTH A&D and ARO

XI: What advantages does AssetBook offer for managing facilities and pipelines data over traditional methods?

Chris P, Infrastructure Coordinator:

“AssetBook’s platform provides comprehensive details about facilities and pipelines, including location, capacity, and status. Unlike spreadsheets, this centralized system allows for updates once information is released and provides easy access, which is essential for acquisition planning and expansions. It has greatly improved our operational planning and risk management.”

Natalie S, Logistics Manager:

“Using spreadsheets for infrastructure data is cumbersome and inefficient. AssetBook offers a clear and organized view of our facilities and pipelines, enhancing our ability to plan and manage logistics effectively. The web-based platform is indispensable for ensuring smooth operations.”

Figure 4: AssetBook’s W2F showing the production flow pathway from wells to facilities to market point.

XI Technologies’ AssetSuite, including ARO Manager, has revolutionized the workflows of many professionals working on both A&D and ARO in the oil and gas industry. By enhancing data accuracy, accessibility, and efficiency, AssetSuite supports informed decision-making, strategic planning, and robust financial reporting, making them indispensable tools for the industry.

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Each week, XI Technologies uncovers trends and insights using our enhanced data and software focused on the WCSB. If you’d like Word to the Wise delivered directly to your inbox, subscribe here. For more tips and to learn about how XI’s AssetSuite can help with your high-level analysis visit XI’s website or contact XI for a demo.