By Todd Stewart
UPDATED: January 8, 2020
| 2 min read
Fort Worth based Chisholm Energy Holdings is a newly formed exploration and production company focused on unconventional early development. The startup recently acquired producing assets in the Delaware Basin where it is currently engaged in an extensive drilling program.
Permian Basin, New Mexico
Drilling & Completions Workovers, Repair, Maintenance AFE/LOE Management Field Cost Tracking Partner Data Sharing
Engineers Technicians Field staff Accounting Management Partners
Key Reports Generated
Daily Drilling Summary Daily Completion Summary Cost vs. Budget Daily Cost by Vendor Daily Workover/Repair
Inspiration for Change
Chisholm needed to effectively manage multiple, ongoing drilling and completion projects while optimizing field spending. As an operator, the company also needed to maintain its portfolio of producing wells, including management of workovers, maintenance and repairs.
SUSTAINED DRILLING ACTIVITY
Chisholm Energy Holdings maintains three active rigs in the Permian Basin, which are primarily engaged in horizontal drilling. The energy company wanted to optimize rig utilization and improve the way it managed drilling and completion projects.
AFE AND FIELD COSTS
With its sustained drilling activity, Chisholm needed to expedite the partner AFE process, compare ongoing field expenses to budgets, and track recurring costs from rentals and consumables.
MAINTENANCE OF ACQUIRED ASSETS
“In addition to its drilling operations, Chisholm uses W Energy Software’s drilling and well work solution to easily manage workover and planned well maintenance as well as respond quickly to production issues, such as compressor failure, maximizing well performance and reducing downtime.”
As a recently formed E&P, Chisholm’s growth strategy includes acquisition of underappreciated and undercapitalized properties. It purchased its first assets in New Mexico’s Delaware Basin, resulting in the need to track and manage well work projects, including workovers, planned maintenance, and repairs for 139 producing wells.
With its extensive reporting requirements – from drilling and completions to workovers, maintenance/repair – Chisholm wanted the cost-effectiveness of out-of-the-box reports with the flexibility to adapt and create new reports based on its unique needs, including the ability to track a complex mix of vendor-related expenses.
Benefits for Drilling & Well Work
MANAGING OPERATIONAL COMPLEXITY
Chisholm uses W Energy Software’s cloud-based drilling and well work solution to manage its complex drilling operations and track critical project, well, and rig data. To date, the E&P has used W Energy Software to manage 32 drilling and completion projects.
OPTIMIZING FIELD SPENDING
The W Energy Software solution allows Chisholm to easily setup AFEs and automatically route for approval. The software gives field staff powerful tools for tracking expenses, comparing costs to approved AFEs, identifying overpayment and eliminating unnecessary costs.
REDUCING DOWNTIME AND LOST PRODUCTION
In addition to its drilling operations, Chisholm uses W Energy Software’s drilling and well work solution to maintain an extensive portfolio of producing wells in the Permian Basin. The company uses the cloud-based tools to easily manage workover and planned well maintenance as well as respond quickly to production issues, such as compressor failure, maximizing well performance and reducing downtime.
FLEXIBLE REPORTING & CUSTOMIZATION
W Energy Software’s drilling and well work solution provided Chisholm with out-of-the-box reports while providing flexibility to customize reporting and software functionality. In addition to customizing drilling and well work reports to Chisholm’s specific needs, W Energy Software rapidly configured a new report type that allows the company to easily track and manage vendor costs.