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Whiting Petroleum Corporation Leads the Way in Digital Transformation

The Challenge

After a significant document digitization project of over 200,000 leases and files, a team lead by Whiting Petroleum’s Senior Applications Systems Analyst & Project Manager, Amelia Dias Da Silva, and their Director of Robotic Process
Automation, Artificial Intelligence, and Enterprise Content Management recognized the need for better visibility into the risks, obligations, and valuable content of their newly digitized documents.

The Whiting team understood that these documents, including leases, commercial agreements, marketing contracts, and operations agreements, were more than just pixels and paper – they are valuable business-driving commodities that have an opportunity to create a competitive advantage for Whiting if properly and efficiently utilized. As savvy business leaders, they began evaluating Artificial Intelligence solutions to supercharge their document management efforts. Document Digitization and Document Management is vital – but these efforts alone do not create document understanding, and this is what Whiting was after.

After a paid proof-of-concept with a technology company claiming to provide this value for Whiting, the team was not confident with the consistency and accuracy of the results. However, this process solidified what the team
suspected: the next step in their digital transformation would be incredibly beneficial if executed well. Whiting reached out to ThoughtTrace for a meeting, and the results were astounding! ThoughtTrace was consistent, accurate, and even able to identify previously unknown gaps in the data and documents – showing the Whiting team that the data in their system of record needed to be reexamined. Whiting had zero reservation and was ready to move forward with ThoughtTrace.

“It was quite a feat to turn this around. We have really high confidence in ThoughtTrace.”

Amelia Dias Da Silva, Senior Applications Systems Analyst & Project Manager

In late March, economic changes accelerated the need for Whiting to respond with an in-depth shut-in analysis for a critical asset. In early April 2020, the Land Operations team was asked to provide an operations assessment including Shut-In, Pugh, Force Majeure, Cessation and Continuous Production across the entirety of Whiting’s 18,267 leases. By their conservative estimates, these reviews would have taken around 5,800 hours and cost almost $400,000.

Solution

The Whiting team received approval to move forward with ThoughtTrace on April 4th, and by April 20th, they were receiving data to begin this critical, time-sensitive analysis.

While some members of the team were skeptical at first, or even worried about job security, they quickly became excited to execute the project using ThoughtTrace understanding that the combination of skilled professionals and technology was the true force multiplier. The Land Ops team was able to focus the bulk of their energy on critical assessment and analysis rather than digging through documents to find the necessary information. In addition, the Lease Analysts were able to stay focused on their day-to-day activities rather than the frenzy of a fire drill project. The net savings using ThoughtTrace on this project alone was an estimated $300,000. Additionally, the Whiting team realized immeasurable benefits from receiving this critical information up to 11 months sooner than if the project was performed manually.

With these leases now contained in ThoughtTrace, Whiting will see additional savings with other critical analyses executed in just minutes or hours rather than weeks or months.

"We are highly confident in ThoughtTrace's ability to deliver – infinitely better than a human alone." Director of Robotic Process Automation, Artificial Intelligence, and Enterprise Content Management
Depth of Extraction

Superior Understanding

Eliminate Data Silos

Data Confidence

Contract Intelligence

Increased Efficiencies

Results

The ThoughtTrace team couldn’t be more excited to work with such smart and effective leaders at Whiting. Likewise, Amelia says ThoughtTrace continues to succeed where other technologies don’t because of the highly tuned product with a professional, well-executed onboarding methodology that guarantees the team’s success. Amelia’s team looks forward to starting their next steps leveraging  ThoughtTrace for Down Well Leaseholder Dashboard and ArcGIS projects to graphically represent lease locations of Whiting’s operated and non-operated well

  • An estimated $300,000 and 11 months saved on a single project
  • Visibility into data accuracy issues within the system of record
  • Completing projects quickly and accurately without taking analysts away from their critical daily tasks
  • Integrated data landscape allowing land managers to visualize and quickly assess provisions in their most important assets through ArcGIS and Web Maps

"It was quite a feat to turn this around. We have really high confidence in ThoughtTrace." 

Amelia Dias Da Silva

Senior Applications Systems Analyst & Project Manager

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