Crescent Point Energy U.S. Corp., a Leader in the Uinta and Bakken, Goes Live on P2 Merrick08/29/2016
Team anticipates efficiency improvements from the field all the way through to the reporting process
DENVER, CO – (Aug. 29, 2016) – P2 Energy Solutions announced today that Crescent Point Energy U.S. Corp. (“CPEUS”), a leader in Uinta Basin and Bakken Shale oil and gas development, has gone live on P2 Merrick. CPEUS will use P2 Merrick to manage all of its production accounting and field data capture efforts in the U.S.
P2 Merrick delivers a fully integrated solution, from the field to the back office, for all things oil and gas production: field data capture, production accounting, hydrocarbon allocations, production analysis and internal, partner and regulatory reporting. P2 Merrick also provides production data management-to-oil and gas accounting system integration, mowing down silos between teams and erasing redundant, error-prone work.
“We’re looking forward to seeing efficiency improvements from the field all the way through to the reporting process,” said Roger Dickens, CPEUS’ Team Lead for Operational Accounting. “Especially in today’s low-price environment, stamping out inefficiencies across the entire enterprise is critical.”
Leveraging P2’s market-leading field data capture solution, CPEUS’ field operators will be able to quickly and easily capture and validate all the data – run-ticket numbers, strapping information, fluid levels in tanks, refinery destinations and more – churned out by the company’s operated wells. From the field, the data will flow through the system’s allocation engine, which the production accountants will use to perform oil and gas allocations of all complexities. Whereas allocations used to be done only on a monthly basis at CPEUS, the production accountants will now perform daily and weekly allocations as well.
“The sooner our teams can make decisions that impact the business in a positive way,” Dickens said, “the better.”
P2 Merrick’s advanced reporting and analytics capabilities will allow teams across the organization to visualize key performance indicators – actual vs. targeted production, allocated production vs. well tests, comparisons of normalized production and others – and make real-time business decisions. Said Dickens, “Our teams will be able to look at their assets, production and sales immediately, and they’ll be able to see any gaps in real time.”
Added Chris Lenig, P2’s Senior Vice President of Production: “E&P companies can’t afford not to be efficient in everything they do, especially now. CPEUS is answering the industry’s call for ultra-efficient operations, and it’s really great to see.”
About Crescent Point
Crescent Point Energy is an oil and gas producer based in Calgary, Alberta, and Denver, Colorado. We produce mostly oil, and lots of it. At year-end 2015, our annual average daily production was approximately 164,000 boe/d. Considering we began in 2001 as a junior exploration and production company with only 275 boe/d of production, Crescent Point’s growth has been tremendous. One thing that’s never changed is our three-party business strategy. First, we acquire high-quality, large resource-in-place assets. Second, we develop and exploit these assets through infill drilling, production optimization and waterflood implementation. And third, we manage risk by maintaining a conservative hedging program that allows us to maintain dividends through commodity price cycles. www.crescentpointenergy.com.
P2 Energy Solutions Empowers the People Who Power the World. Upstream oil and gas professionals who are focused on solving tough challenges rely on P2 software, data and analytics solutions to optimize their business performance. More than 1,200 companies from around the world use P2 solutions every day to manage their land assets, measure and process financial information, optimize production, manage their reserves and so much more. www.p2energysolutions.com.