W Energy Accelerates Production Allocation for Range Resources
W Energy has expanded its production allocation software use with Range Resources, enabling automated, high-speed allocation of crude, NGL, and natural gas sales volumes and revenues from central delivery points back to individual wells and leases, thereby improving accuracy and efficiency in royalty and interest owner payments and bridging the gap between trading and production accounting systems.
W Energy, a leader in upstream and midstream oil & gas ERP solutions, has announced that Range Resources Corporation (NYSE: RRC) has expanded its use of W Energy's software. This software automates the complex process of allocating crude, NGL, and natural gas production. The solution provides Range Resources with high-speed production allocation technology, enabling the operator to net back sales revenue to individual wells and leases. The expanded use includes allocation of residue gas sales volumes and net back of values into the operator’s production accounting software. The W Energy Software production allocation solution allows Range Resources to rapidly link commodity sales with interest ownership, increasing payment processing speed and accuracy for royalty, mineral, and working interest owners.
Dennis Degner, Sr. Vice President and Chief Operating Officer at Range Resources Corporation, stated: “We are constantly evaluating and implementing new technologies, both in the field and in our offices to improve productivity. W Energy Software’s allocation software is providing us with a smarter, and more efficient platform that automates the data management process for our production.”
Range Resources, a top three NGL producer in the country, operates in Appalachia and North Louisiana. The company produces large volumes of wet gas at the wellhead, which must be processed at central delivery points to separate NGL and residue gas. Commercial energy trading software is used to track NGL and natural gas from these delivery points to interstate points of sale. However, allocating sales volumes and revenue back from a central delivery point to specific wells and leases for interest owner payments was previously a manual, time-consuming process reliant on spreadsheets.
Range Resources has now deployed W Energy Software’s production allocation software to bridge the gap between its trading and production accounting systems. The solution automates the complex process of allocating crude, NGL, and natural gas sales volumes back to specific assets and delivers allocated production and revenue directly into Range Resources’ accounting system. This ensures speed and accuracy of interest owner payments while reducing the time and cost of manual allocation. Range Resources is expanding on an existing W Energy Software allocation system with new capabilities for allocating residue gas, automating delivery of allocations, and managing more of its business.
Pete Waldroop, CEO of W Energy Software, commented: “Our latest software deployment at Range Resources is especially significant to the W Energy Software team because of our longstanding partnership. As our very first customer, over the years, Range Resources has been instrumental in driving innovation and inspiring us to build our production allocation technology into a leading product and we look forward to remaining a co-owner in their success.”
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