NAPE recently dedicated a roundtable to the topic of maintaining leases while curtailing production, and we noted a few important takeaways that directly relate to our customers’ utilization of software to assist in this process. Curtailment decisions require cross-department collaboration and access to data within the different upstream domains. From lease clauses to revenue interests to historic production and scheduled maintenance in the field, each department offers valuable insight that a decision-making team relies on in determining where to curtail or shut in production.
A Thorny Accounting Process Simplified: Managing Cost Center Allocations & JIB
Figuring out how to efficiently and accurately manage JIB – joint interest billing – continues to be a challenge for many oil and gas operators. Many operators process transactions manually with spreadsheets, while others use software solutions to identify, aggregate, and manage cost center allocations.
How to Efficiently Manage Your Revenue Accounting in Times of Low Oil Prices
P2 BOLO is the upstream oil and gas industry’s leading accounting software designed to achieve greater value for complex accounting operations. It was built by oil and gas accountants for oil and gas accountants. Features, benefits, and integrations abound, but a key differentiator for P2 BOLO is that it’s a mature and robust oil and gas accounting solution that meets the requirements of all types of operations and regions in the U.S.
When you think of ownership changes in upstream oil and gas, a lot comes to mind and that’s because ownership changes is a broad topic. It spans both land and accounting, there are a myriad of types and challenges associated, and addressing them takes time, effort, and manpower, the latter of which may be scarce especially right now.
Low Oil Prices and COVID-19 Accelerate Digital Transformation in Upstream Oil and Gas
As OPEC was increasing supply and driving down oil prices, the coronavirus was simultaneously setting in and reducing demand. The two have had earth-shattering impacts on upstream oil and gas, including the challenges of working from home and social distancing in the field, and more starkly, cutting drilling and other projects, furloughing employees, trying to maintain cash on hand, and frankly, surviving.
Embracing Adaptability in Today’s Oil and Gas Landscape
Many oil and gas operators are finding new and creative ways to navigate today’s challenging business landscape. In our recent webinar, product leaders at P2 explained how E&Ps can and should embrace changes and shifts in technology to set themselves up for success in business operations across the board: from accounting to production to land – using data to enrich each area.
Optimizing the Financial Close Process Through Smart Reporting
There are many ways to manage the financial close process; it’s certainly not a one-size-fits-all approach. What is uniform in most cases, however, is that a sophisticated reporting tool can significantly improve the process to verify data and make it easier.
Learn How to Save 30+ Hours/Month During the Revenue Process
Disparate data is disgruntled data. It’s only valuable to one person at a time, at one specific point in time. Siloed data stored in spreadsheets on someone’s computer is risky because you don't know how old it is, and it may conflict with your up-to-date production data set. Upon the data being shared, it's nearly impossible to track down whose data is accurate or current. Variances or uncertainties in data can lead to possible rework and make revenue accountants’ jobs difficult.
Critical Time- and Cost-Saving Measures by Way of Journal Entry Automation
By definition, automation is “the technique of making an apparatus, a process, or a system operate automatically” (Merriam-Webster). In other words, eliminating the most tedious and time-consuming work for an individual, group, or department.