CHALLENGE:
Oil and Gas companies are charged to operate within cash flow in an environment with high operating costs, shrinking profit margins and capital constraints. Progressive and resourceful Acacia Exploration Partners asked its leaders to find cost-effective, advanced solutions to help the company “do more with less” on data-intensive projects and other daily tasks.
Brooke Clifton, an experienced and tech-forward Land Manager at Acacia, knew that efficiently tapping into the information buried within their agreements could help the company operate in the most cost-effective manner. To do so, Brooke’s small-but-mighty team needed a better way to manage, analyze, and get insights from these agreements. There was a problem – traditional outsourcing and services were very expensive and outputs weren’t generated quickly enough.
Brooke had heard of AI that “reads documents,” but was skeptical to say the least. She knew that finding a better way to operate would require a solution built specifically for her industry. Brooke says,
“My team was forced to pivot, slice, and dice data and answer questions for scenarios involving due diligence, shut-in campaigns, continuous ops and savings clause. Resources were scarce, and I was tasked with ‘doing more with less’ across a very complex asset.”
After exploring other options, Acacia found a solution that sat at the intersection of three critical change agents – document management, contract analytics, and no code/low code integration. While each powerful in their own right, ThoughtTrace brings them together to form a complete Document Understanding solution.
After just five minutes in the application, Brooke knew she found a game-changing solution. Brooke continued,
“I had complex and challenging questions to ask of my documents and agreements, and ThoughtTrace made that possible – actually they made it easy.”
