Upstream: Process & Technology: Royalty & Accounting Reporting
University Lands, a department of The University of Texas (UT) System, manages the system’s mineral interests and surface rights to approximately 2.1 million acres located primarily in the Permian Basin. As a result of the shale boom in West Texas, University Lands recognized the need for more streamlined reporting and accounting to better manage their assets and to provide improved customer service to the lessees and purchasers on their land. After a detailed RFP, University Lands engaged Opportune to design and implement a custom solution for the business’ needs.
Opportune performed a comprehensive study of University Lands’ business to design a custom solution fit for the complex needs of the organization and their customers. Based on this design, Opportune’s team implemented a general ledger accounting package, invoicing, accounts receivable, and a reporting solution while transitioning the business off of UT System’s mainframe. A primary component of the solution was a custom developed portal for royalty reporting, production reporting, and royalty payment functions that integrated into the organization’s existing land systems and the new accounting system. To help the business mitigate the impact of this transition, Opportune also provided change management advisory services. These services included the development and facilitation of training within University Lands and to more than 300 companies that utilize the portal.
The new accounting solution and reporting portal gave University Lands the tools to effectively manage its large number of land assets, while enabling synergy between operators, land personnel, and accounting. The total solution provided more accurate and accessible data, while eliminating many of the manual processes required to operate the legacy system. The improved reporting and analytics capabilities enabled the organization to confidently make decisions that would support maximizing asset value for the University of Texas System.
Business processes and technology are core competencies of Opportune’s consultants. Our deep knowledge of the energy industry includes exploration and production, processing and pipelines, feedstock sourcing, refining, power and gas utilities, and financial and physical products marketing and trading. This makes us well-suited to advise and drive results across the energy supply chain through business processes and technology deployment and optimization. Our clients look to us for informed, actionable analysis, design, and implementation that support a quest for operational excellence and superior business results.
Through business process reengineering and automation, Opportune steps in to evaluate and rethink energy business processes, making expert recommendations, and leading the transformation to help our clients realize their potential. For additional information, click here.