Business Automation

Red Wolf Natural Resources Shows That Processing JIBs Doesn’t Have to Be Painful

bySusie Yuill

 

Request Demo

If joint interest billing (JIB) processing feels like a cement block pulling you under, take heart. You are not alone. For most companies, JIB processing is plagued by multiple inefficiencies, conflicting sources of truth, complicated audit controls and high overall administrative costs.

Red Wolf Natural Resources, an E&P company based in Oklahoma City that invests in operated and non-operated assets, looked to solve this pain point. On average, the company processed 30-40 JIBs per month, requiring at least 30 approvals. They used EnergyLink to download 35-40% of the total amount of JIB data they received.

The approval process involved significant manual data entry, with the entire JIB process from receipt to approval taking five to six weeks. The size and complexity of the JIBs made it difficult to thoroughly review and analyze non-operated costs. The team — Austin Wentroth, controller; Jessica Mayo, administrative assistant; and Marshall Hall, petroleum engineer — was over it.

 

“When a downturn hits, every operator should analyze their non-op assets closely to manage costs. But when you receive a JIB from a large operator that’s 300 pages, there is no way to review this in detail with the way we were doing it. This was a major bottleneck for our company.”

-Marshall Hall, Petroleum Engineer

JIBFlow a better way

 

Wentroth learned about JIBFlow by Enverus at the 2020 virtual SPARK Conference, an annual Enverus conference focused on the latest in industry digital transformation technology and trends. JIBFlow integrates EnergyLink with OpenInvoice so an accountant can send a JIB invoice from EnergyLink to OpenInvoice for approval via a seamless connection. With one click, you send the JIB invoice to OpenInvoice! This makes OpenInvoice a single source for all invoice approvals.

JIB invoices can be processed using the same automation capabilities operators use for invoices, including automatic routing, automated code verification, and automatic approval of low-value invoices. Wentroth knew Red Wolf could save time and effort spent processing JIB invoices, consolidate its data and simplify the review process with the JIBFlow upgrade.

“If there is a button where you can automatically transfer the data to OpenInvoice faster — why wouldn’t you do it? We are a lean enough organization that the cost-benefit is to automate the process so we can do more valuable work overall.”

-Austin Wentroth, Controller

 

The results

 

After JIBFlow was integrated and the coding and wells were entered into EnergyLink, the first JIB Red Wolf received was significantly better. They could now send JIB details to OpenInvoice for detailed analysis. Auto-coding in OpenInvoice dramatically reduced the team’s manual input.

For Red Wolf, the benefits of EnergyLink and OpenInvoice go beyond simplifying the JIB review and approval process. With detailed coding, the company categorizes costs into different categories for analysis. This data allows Red Wolf to find potential savings opportunities in their non-operated expenses, a task that is traditionally challenging to do for many operators.

“When you have the power of knowing what you are being charged at a detailed level, you can lower your costs in an area where traditionally people think you can’t,” Hall said.

Request Demo

 

Read the interactive case study below to learn more details about Red Wolf’s success with JIBFlow, including details on how their petroleum engineer leverages the company’s non-operated spend details to forecast capital expenses and uncover potential cost savings on non-op spend.

Picture of Susie Yuill

Susie Yuill

Susie Yuill is Director of Product Marketing at Enverus. She specializes in bringing SaaS software products to market and creating and implementing high-value marketing programs to reach and convert target accounts. Throughout the years, she has led the marketing product launches for several SaaS products for various industries. Susie is a proud, fightin' Texas A&M Aggie and earned an MBA from Texas State University.

Subscribe to the Enverus Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Related Content

Enverus Press Release - Heightened natural gas price volatility expected amid supply and demand challenges
Energy Transition
ByAmyra Mardhani

The CDR market saw rapid growth last year, with BECCS at the forefront, accounting for 55% of total volumes transacted at an average disclosed price of $387 per tonne.

bA
Energy Transition
ByBrynna Foley

Publicly traded independent power producers (IPPs) are poised for a significant shift as renewable energy continues to reshape the generation mix. Enverus Intelligence® Research’s latest report explores how evolving generation and price forecasts will impact IPP profitability. The retirement of...

Enverus Intelligence® Research Press Release - Delayed exit: Rising demand forces natural gas power plants to stay online
Power and Renewables
ByAnthony Basile

Fully integrated power market forecasts including electricity price forecasts to inform and aid in making smarter investment decisions  Introduction to Long-Term Electricity Price Forecasts   Our long-term power forecast is a projection of power prices 20 years into the future. This...

Enverus Blog
Energy Transition
ByCarson Kearl, Enverus Intelligence® Research (EIR) Contributor

Enverus Intelligence® Research (EIR) and many others have published at length on the coming wave of load growth that starkly contrasts more than a decade of stagnation.

Enverus Intelligence® Research Press Release - Winning in the West: Renewed opportunities are resurfacing in the DJ and PRB’s Niobrara
Energy Analytics Financial Services
ByEnverus

In a landmark move within the Canadian energy sector, Whitecap Resources Inc. (WCP) and Veren Inc. (VRN) have announced a near merger of equals. This strategic combination, with a purchase price of C$8.6 billion (US$5.9 billion) for Veren inclusive of...

Enverus Intelligence® Research Press Release - OPEC+ cuts and Trump tariffs force price downgrade
Analyst Takes Trading and Risk
ByAl Salazar, Enverus Intelligence® Research (EIR) Contributor

The following blog is distilled from an interview on CBC’s “The Eyeopener,” hosted by Loren McGinnis who interviewed Enverus Intelligence® Research’s (EIR) very own Al Salazar. Click here to listen to the full radio segment.  Consequences for U.S. Shale and...

Enverus press release - Renewing Alberta’s path for renewables
Energy Transition
ByAdam Robinson, Enverus Intelligence® | Research (EIR) Contributor

Since 2020, the demand for Power Purchase Agreements (PPAs) has surged, driven by tax incentives, corporate clean energy goals, and increasing power needs.

Enverus Press Release - Alternative fuels M&A focus turns from policy boosts to business resilience
Power and Renewables
ByKatherine Paton-Ilse

Most projects that enter the interconnection queues never get built. The queues are growing increasingly crowded, and backlogs continue to persist across multiple ISOs.

energy-transition-research
Energy Transition
ByThomas Mulvihill

Enverus Intelligence® Research (EIR) has updated its long-term load forecast model, predicting a 30% increase in total U.S. power demand by 2050, down from the previous projection of 39%.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Sign up for our Blog

Register Today

Sign Up

Power Your Insights

Connect with an Expert

Access Product Tour

Speak to an Expert