W Energy, the emerging leader in upstream and midstream oil & gas ERP solutions, announces that Range Resources Corporation (NYSE: RRC) has expanded the use of its software, which automates the complex process of allocating crude, NGL, and natural gas production. The solution provides Range Resources with high speed production allocation technology that enables the operator to net back sales revenue to individual wells and leases. The expanded use of W Energy Software’s solution includes allocation of residue gas sales volumes and net back of values into the operator’s production accounting software. Importantly, the W Energy Software production allocation solution allows Range Resources to rapidly link commodity sales with interest ownership and increases payment processing speed and accuracy for its royalty, mineral, and working interest owners.
“We are constantly evaluating and implementing new technologies, both in the field and in our offices to improve productivity,” said Dennis Degner, Sr. Vice President and Chief Operating Officer at Range Resources Corporation. “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,” he said.
Range Resources, a top three NGL producer in the country, has operations in Appalachia and North Louisiana. As a result, the operator produces large volumes of wet gas at the wellhead, which must be processed at central delivery points to separate natural gas liquids (NGL) and residue gas. The company uses commercial energy trading software 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 in order to calculate interest owner payments was largely a manual and time-consuming process that was heavily dependent on spreadsheets.
Range Resources has deployed W Energy Software’s production allocation software to bridge the critical gap between the operator’s trading and production accounting systems. The solution automates the highly 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. By deploying the W Energy Software solution, Range Resources 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 Range Resources’ business.
“Our latest software deployment at Range Resources is especially significant to the W Energy Software team because of our longstanding partnership,” said Pete Waldroop, CEO of W Energy Software. “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,” he said.