Laredo Petroleum has signed software licenses for W Energy Software’s upstream accounting and land management suite of products on April 27. Top reasons for selecting W Energy Software include its reputation for customer service excellence, a unified upstream ERP platform built on the cloud spanning accounting and land workflows, and true SaaS experience that provides Laredo Petroleum with an all-inclusive solution and continuous upgrades.
Headquartered in Tulsa, Oklahoma, Laredo Petroleum is a publicly traded energy company with primary operations in the Midland Basin where it operates approximately 1,400 wells and holds 140,000 gross acres. As Laredo Petroleum successfully executes its growth strategy and advances operational efficiency further through digital innovation, the producer recognized the value of cloud-based ERP solutions, which offer scalability and high-performance computing to match its growth profile.
Laredo Petroleum selected W Energy Software’s full upstream SaaS ERP, which will provide it with a broad spectrum of integrated business applications. Its new cloud-based ERP boasts a comprehensive suite of accounting modules, including financial accounting, revenue accounting, joint interest billing, fixed assets, purchasing, authorization for expenditure, and materials inventory. The W Energy Software solution also provides Laredo Petroleum with next generation division order, lease administration, and GIS capabilities. Additional modules licensed by Laredo Petroleum include W Energy Software’s Marketing solution and ONNR reporting.
“In addition to W Energy Software’s industry-wide reputation for partnering with their clients to ensure long-term success, bringing disparate accounting and land systems together in a unified SaaS solution that is purpose-built for oil and gas companies was very attractive to us,” Brandon Brown, vice president and CIO at Laredo Petroleum, said.
As public E&Ps promise capital discipline and slow or no growth through 2021, an unexpected and potentially price-busting trend is developing behind the scenes. Could private oil and gas producers ruin it for everyone?
Houston-based EOG Resources is focusing on so-called “double premium” wells that yield a 60% direct after-tax rate of return at $40/bbl WTI and $2.50 Henry Hub.
The rollback effort made by the administration of former President Donald Trump was among a string of eleventh-hour proposals aimed at maximizing energy development on public lands and waters.