Customer Stories

Family Office Streamlines Working Interest, Mineral and Royalty Management

Success at a Glance

Challenges

  • Manual tracking of leases and revenue from multiple operating companies with Enverus PRISM® data
  • Time-consuming data validation and GL posting burdening senior staff
  • Inefficient well tracking and estate management

Solutions

  • Streamline and accelerate non-op accounting
  • Fully automate revenue and JIB delivery
  • Map properties and monitor operator activity

Results

  • Manage multiple companies and portfolios at increasing scale
  • Faster accounting data entry and reduced risk of errors
  • Identification of producing wells not in pay

Client Overview

Based in El Dorado, Arkansas, MacFarlane Company has a 100-year legacy acquiring minerals, royalties and working interests. Founders of the family office were early to see the potential of natural gas as a clean energy source of the future, focusing on acreage in Oklahoma and Arkansas with other holdings in Texas, Louisiana, Mississippi, New Mexico, Kansas, and other natural gas plays.

Challenges

Efficient, Scalable Portfolio Management

MacFarlane Company, like many family offices, manages mineral and royalty assets across several operating companies. Additional complexities arise from their working interests, requiring careful tracking of joint interest billings. The manual input of revenue data from check detail statements and JIBs necessitated hiring a full-time employee to handle the influx of revenue and expenses. In addition, significant senior staff time was invested in verifying data and posting to the general ledger due to archaic accounting software and manual processes.

 

Further complexities stemmed from their extensive physical collection of land and well files. These were challenging to search and link to revenue, creating hurdles in intergenerational knowledge transfer. Scalability issues with their existing accounting software and the physical nature of asset document management added further cost and complexities.

 

 

Solutions

Streamline and Accelerate Non-Op Accounting

To facilitate decision making and enhance operational efficiency, MacFarlane Company adopted MineralSoft®, an Enverus mineral management software platform. This solution provided a centralized hub for managing mineral, royalty, and working interest portfolios. It offered robust reporting for quick trend analysis, user-friendly GIS for property mapping, and tracking of wells in suspense, adequately addressing the company’s expanding asset base. Critically, MineralSoft eased estate planning, facilitating knowledge transference, thus securing the company’s legacy for future generations.

 

To streamline non-operational accounting, MacFarlane Company also opted for EnergyLink®. This solution automates revenue and joint interest billing delivery, replacing the need for manual data entry. It digitally transfers interest owner statements via a data exchange, while EnergyScan processes PDF and digitized revenue data statements from out-of-network operators. Consequently, MacFarlane staff could rely on digital solutions for receiving operator statements, further enhancing the automation and efficiency of operations.

 

Results

The EnergyLink® and MineralSoft® Advantage

Coupling these solutions together empowered MacFarlane Company to seamlessly combine revenue data from multiple sources to enable:

  • Automation of key accounting processes
  • Real-time reports and trend analysis using current check stub details
  • Simplification of monthly close with WolfePak integration
  • Increased employee job satisfaction
  • Allocation of employee time to higher value tasks such as auditing, identifying missing wells and proposal evaluation

Industry

Oil and Gas

Company Size

10

Location

El Dorado, Arkansas, USA

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