WPX Energy is a progressive and ambitious energy company that encourages a culture of evolution and embracing the best tools available to help their team solve challenges. WPX leadership asks every department to be opportunistic – to take stock of every product and procedure with a charge to increase efficiencies with new technology. As an operator in a competitive basin, WPX is faced with the challenge of monitoring offset obligations for compliance with leases or other agreements that require offset wells or compensatory royalty. Time sensitivity and lack of control over development operations by other operators are important factors that can trigger multimillion-dollar contractual obligations based on their proximity to the leased premises. WPX had a desire to find or build the best solution to solve the arduous and manual task of locating offset obligations. At the time, Landmen were relying on permitting and spud dates in the area surrounding their leasehold position, and then manually reviewing outside operated activity. WPX wanted to feel confident that nothing was slipping through the cracks resulting in surprises, but the burdensome task of tracking offsets was a daunting challenge.
“You guys are coming in and disrupting the industry – for its own benefit. ThoughtTrace is the leader in the space and the obvious choice.”
Alex McPhail, Land Data Management Lead