Rapid Growth Calls for Efficient, Informed Decision Making
A Multi-Generational Family Office, with its generational mineral interests, relied on family members’ direct involvement and inherited wisdom for mineral management, consuming valuable time. Additionally, physical documentation such as lease files, land records, and paper maps of their wells obstructed a consolidated view of their holdings. Handling the administrative matters of their 700-well estate, the family office was encumbered with the manual entry of data from royalty checks and statements into their accounting system each month, leading to delays and increased costs
in financial reporting.
Recognizing the limitations of relying on traditional, oral transfer of knowledge and paper-based records for asset management and performance reporting, the Estate sought to digitalize its processes to better manage assets and data across its numerous LLCs. The goal was to improve trend analysis and reduce staff burdens, particularly during tax preparation, thereby securing advantages for both present and future generational management.
All-Inclusive Mineral Management Solution With Decision-Ready Data
The family office turned to Enverus mineral management experts who took a personalized approach to understand the family office’s unique needs and tailor the right solutions to fit. It selected EnergyLink, an all-inclusive asset management and revenue automation software delivered over the cloud. The solution leverages the leading revenue detail sharing network of EnergyLink that brings data from participating operators for seamless and automated revenue delivery. And for out-of-network operators, revenue statements can be easily converted through EnergyLink’s EnergyScan digitization service.
EnergyLink allows portfolios of any size to be easily rolled up for a complete view or filtered by LLC. Users can then drill down to well-level performance. The solution provides powerful payment assurance features that allow users to audit and identify potential underpayments from operators. It also boasts easy to use mapping tools for creating a clear picture of where assets are located and any rig activity around properties to proactively contact operators to ensure new wells are in pay. With built-in owner relations contact information for operators, users can easily reach the right people to make ownership changes or other requests.
Managing a Growing Minerals Portfolio With a Lean Team
EnergyLink enables the accounting team to process the monthly stream of checks with greater efficiency and redirect time into higher value projects. The family office reports that the mineral management solution allows one person to do the same work where three people were previously required.
Importantly, EnergyLink has given family members back more of their week to spend together. And with the ability to digitally convert and store large volumes of land files in EnergyLink, capture asset knowledge and identify discrepancies that threaten portfolio performance, EnergyLink is helping the estate safeguard wealth for generations to come.
The journey of the estate towards efficient mineral management and passing on a digitized and organized legacy to the next generation stands as a testament to their forward-thinking approach. Leveraging EnergyLink, the estate has revolutionized how it handles, views and plans for its mineral assets, ensuring a seamless transition to future caretakers.
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