Whitepapers

LEADING ENERGY COMPANY ACCELERATES DATA EXTRACTION AND ANALYSIS

 

 

Quick Facts

Processed & reviewed 9,000 leases in just ONE WEEK

Data extraction and analysis was 52X FASTER than traditional methods

97% ACCURACY

 

 

COMPANY PROFILE

A leading North American exploration and production energy company operating in both the U.S. and Canada. The company is included in the S&P 500 and has a broad portfolio of oil and gas properties producing over 200,000 barrels of oil, and over 1 billion cubic feet of natural gas per day.

Challenges

The company required a deeper business understanding of their assets in preparation for a $1 billion land divestiture program. Most interesting was speed of analysis, depth of understanding, and quality of information. It was important to have a better awareness of their risks and opportunities, and how that information would affect the valuation. Having a solution early in the divestiture process was necessary to maximize their return and minimize the clawback potential. While time and labor resources were not initially an issue, accuracy and the ability to trust the data was a concern. As a result, the group selected ThoughtTrace’s AI software platform. ThoughtTrace addressed all functional requirements and dramatically improved speed, accuracy, and data quality.

 

"Are you in a strong negotiation position if you don’t know what land you actually own?  Absolutely not."

– LAND ADMIN MANAGER

Solution

This leading energy exploration & production company implemented ThoughtTrace to provide a timely and accurate solution for their divestiture project. Previously, they had performed analytical work using internal land staff, brokers, and land data management systems. While this process had been successful, it was also slow, cumbersome, and sometimes incomplete. The management team saw an opportunity to utilize artificial intelligence with ThoughtTrace to locate critical information in their leasehold in a much more efficient manner.

Results

With each step of the divestiture program, the company’s project team leveraged ThoughtTrace to assist with in-depth lease analysis. The artificial intelligence capabilities of ThoughtTrace allowed the company to quickly process and analyze 9,000 leases in one week. ThoughtTrace accurately extracted Vertical and Horizontal Pugh Clauses, Pooling, Surface Use, and Consent Language from all of the leases in a matter of minutes. Prior to ThoughtTrace, the company had multiple brokers manually reading approximately 30 leases per day. The pairing of the ThoughtTrace software platform and the project team resulted in data extraction and analysis being 52x faster than traditional methods, and the accuracy result was in excess of 97%. Highly skilled workers were able to be re-tasked to help with other critical aspects of the divestiture program. Today, the company considers ThoughtTrace a trusted strategic vendor with an ongoing mission critical role to support its Land and Business Development activities.

 

"We loaded 9,000 leases in a day and a half and ThoughtTrace extracted both vertical and horizontal Pughs in a matter of minutes."

– LAND ADMIN MANAGER

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