Multi-Basin Energy Company Accelerates Balance Sheet Objectives with $1B divestiture

SOLUTION

The company implemented ThoughtTrace to provide a fast and accurate solution to protect its allocation of value it was seeking. Previously, they had performed analytical work using internal land staff, brokers, and land data management systems. While this process had been successful, it was slow, cumbersome, and sometimes incomplete. The management team saw an opportunity to utilize artificial intelligence with ThoughtTrace to locate critical information across their assets much more efficiently.

"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

ThoughtTrace allowed the company to quickly process and analyze 9,000 leases in one week and accurately extract 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 with accuracy 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 role to support its Land and Business Development activities.