What you Should Know About Oil & Gas Accounting
Accounting for the oil and gas industry isn’t for the faint of heart. You must possess a deep breadth of knowledge about contemporary financial techniques and how they apply to the energy industry. In this article, we’ll touch on the following: The concept of best practices The fundamentals of oil and gas accounting The key […]
How EAG Transformed A Company’s Land Department
EAG’s Application Management and Support team is providing key technical and functional application expertise to a client whose Land department recently underwent a major digital transformation. This private, midland based E&P company started operations in 2015 and has a growth strategy of acquiring and developing conventional and unconventional oil properties in the Permian Basin. The […]
Five Ways Leaders Can Reduce Their Operating Expenses
Your firm has experienced a few good months recently. Maybe you’ve successfully acquired additional wells, finally have a smooth land administration process or efficient transportation strategies. Yet – when viewing your most recent quarterly reports, you notice the margins appear tighter than forecasted – thanks to inadequate controls on your operating expenses. This article provides actionable […]
How to Leverage Technology to Cut Costs & Achieve Growth
In this article, we’ll focus on four proven technology approaches that can benefit your upstream and midstream oil and gas company. These approaches will address your current struggles, position your company to scale, and streamline your operations to weather the next time the business cycle points downward. 1. Digitize Your Back Office and Field Operations […]
6 Essential Elements of a Business Risk Assessment
As the adage goes, “An ounce of prevention is worth a pound of cure.” Unfortunately, far too many people fail to embrace this truth and never prepare for the unknown. We’ve discovered 6 essential elements for conducting a business risk assessment that protects your company. Being prepared will always give your business the upper hand […]
Leveraging Technology to Cut Costs & Concerns
The energy industry is very cyclical and, while companies should take advantage of economic ups and market changes that give them an edge, it is imperative to keep in mind that a downturn will follow. It is easy to focus on growth without having a Plan B, which causes concern as companies depend heavily on […]
How Covid-19 Changed the Oil & Gas Industry
If you visited Midland, TX today, it would look like the pandemic never happened. People are returning to their usual activities, and oil and gas (O&G) companies are back up and running. The industry has even started holding in-person events again. We’re a far cry from Spring 2020, when the world came to a screeching […]
The Reality of Digital Process Automation
When companies grow and diversify, they frequently find themselves facing a good, yet frustrating problem: their success has created the need to simplify core processes so people can focus on more specialized work. While the assembly line has been the solution for traditional companies, modern businesses need to look to digital process automation (DPA) for […]
Machine Learning in the Oil & Gas Industry
From checking your email and scrolling through Netflix to self-driving cars and healthcare decisions, machine learning is a large part of our daily world. However, most of us assume it’s used only by people building artificially intelligent robots. In reality, it’s all around us, but most people don’t understand the technology or its larger applications […]
How Digital Solutions Scale Oil & Gas Operations
Whether you work for an upstream company, midstream, or downstream, implementing a digital transformation strategy in these five areas will help you sustain success, despite external factors. Big data Asset management Field operations Cybersecurity Business processes Effective and forward-thinking digitalization has never been more crucial to the life and vitality of your company. Big Data […]