Enverus customers using electronic field tickets report 30-50% faster visibility into LOE spend for improved cost management.
Enverus customers using electronic field tickets report between 30-50% faster visibility into LOE spend for improved cost management.
As the pace of operations increase, so does the overhead related to running an efficient oil and gas company. Anadarko, an American petroleum and natural gas exploration and production company, looked to improve their field ticketing process to gain a better view on spend and operations.
Anadarko’s process used paper field tickets which caused payment delays due to tickets being lost. The delays also made it difficult to keep track of actual monthly spend in the field and report on costs, creating a large accrual variance. To ensure vendors got paid on time and their budget was correct, the company recognized the need to implement an electronic ticketing system.
Jetta adopted the Enverus OpenInvoice platform in 2016. Their accounts payable group processes about 25,000 invoices per year. In Q2 2019, Jetta made the corporate level decision to adopt OpenTicket to speed up the field ticket and invoicing approval process, eliminate lost tickets, and identify overbilling instances.
Crescent Point sought to efficiently control costs through detailed field ticket data. The existing, paper-based ticket process was costly to manage, created long invoice cycle times, masked billing issues, and increased the risk of duplicate or fraudulent billing.
The company performed a detailed analysis of their processes that included more than 420 field operations supervisors, drilling consultants and completions consultants, and was able to quantify administrative burdens from field ticket entry and management.
Manually keying ticket data into their reporting system cost Crescent Point approximately $1 million in labor per year and approximately $1 million in overcharges related to duplicate billing, part of which was directly associated with duplicate tickets.
Prevent overbilling before payment
The industry average recovery rate on billing audits is only 30%. This doesn’t account for the extra time and expense to perform these audits.
The industry average recovery rate on billing audits is only 30%. This doesn’t account for the extra time and expense to perform these audits.
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