TULSA – WPX Energy has gone live on Waterfield Energy’s full Upstream ERP solution. Waterfield, the leading provider of advanced oil and gas software, was chosen by WPX to replace their former software platform.
“The development effort we were facing at WPX was large scale. We were looking to replace everything front-to-back for our whole financial system,” said Julie Mathis, Vice President of Operational Accounting for WPX.
“We started looking at all the usual suspects in the Upstream ERP world knowing that most of them had been out there forever and their technology reflected this,” said Mart Wenker, Director of Application Services for WPX. “When we were doing one of our acquisitions, a consultant involved in that project suggested we talk to Waterfield Energy.”
During initial discussions, Kevin Vann, Executive Vice President and CFO of WPX Energy, said he was relying on his IT team to let him know how strongly they felt Waterfield would perform.
“It quickly became clear that Waterfield Energy was more technologically advanced than what we were seeing from their competitors. The ease of use, the way things flow in the system and their cloud-based hosting really set them apart as the most qualified partner for this project,” said Wenker.
With WPX live on Waterfield’s platform, they have replaced over a dozen pieces of software and are looking forward to future implementations. “Waterfield has risen to every challenge, regardless of what we have thrown at them,” said Mathis.
“There has been a holistic value in partnering with WPX to enhance Waterfield’s Upstream ERP software. Our team was able to tap into WPX’s deep industry expertise during the design of some new modules and the enhancements of existing modules while maintaining a focus on a fully supported ‘industry-standard’ solution that can be used by all upstream companies,” said Pete Waldroop, CEO of Waterfield Energy.
“We went live with our Waterfield modules in January, February and March of 2019. You have the usual concerns as with any software implementation: Are we going to be able to close revenue? Are we going to be able to cut royalty checks and are they going to be correct? I’m happy to say that in some cases we weren’t just on time but we were a day early. You don’t ever hear that in a system implementation,” said Vann. “And after it’s all said and done, we’re running processes in literally fractions of the same time that we were running them in our old system.”
Opting for a new solution as opposed to enduring a major upgrade, WPX Energy replaces over a dozen pieces of software with Waterfield Energy’s Platform
Modules In Production
- Revenue Accounting
- Division Orders
- ONRR
- State Tax Reporting
- State Royalty Reporting
- Joint Interest Billing (JIB)
- AFE
- Purchasing
- Materials Inventory
- Fixed Assets
- UOP Depletion
- Labor Distribution
- Accounts Payable
- Sales & Use Tax
- Accounts Receivable
- General Ledger
- Treasury
Modules Going Live in 2019
- Land
- GIS
- Payouts
- Purchasing/Marketing Contract Management
- About Waterfield Energy
About Waterfield Energy
Waterfield Energy is the latest and most advanced solution in oil and gas accounting, operations and scheduling software. The company’s cloud-based fully-integrated software suite provides the best end-to-end solution in the market. Processing speeds 150 times faster than the next leading solution lead to huge gains in user time savings and operational efficiencies. Waterfield consistently exceeds expectations while setting performance benchmarks for the industry. Learn more at waterfieldenergysoftware.com.
Upstream Products
Full Upstream ERP | Land Management | Field Operations | Production Operations and more
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
Oil and gas operations are commonly found in remote locations far from company headquarters. Now, it's possible to monitor pump operations, collate and analyze seismic data, and track employees around the world from almost anywhere. Whether employees are in the office or in the field, the internet and related applications enable a greater multidirectional flow of information – and control – than ever before.