In early 2021 we believed CrownRock had the expertise, business model, culture and asset portfolio that would benefit from PHDwin V3's powerful economic engine and SQL backend. Our subsequent experience converting Crownrock to V3 has helped to improve the program while proving that every client and every workflow stands to benefit from PHDwin V3.
We could have never expected that only two years later CrownRock would be acquired for 12 billion by Occidental Petroleum. CrownRock has a history of strong, safe, and efficient operations, paired with the ability to leverage technology effectively. Learn how the transition to V3 improved the company, and gain insight on how V3 can help your organization.
CrownRock's Path to V3 Success
Key Advantages in Transitioning to PHDwin V3
Company Culture
CrownRock's business model and driven company culture meant they were willing to change. PHDwin V3 introduced new software capabilities and methodologies which presented opportunities for large data management capabilities, improved reporting, and reliable data discipline.
Dedicated Engineers
A well-staffed and proficient IT team meant the firm could deploy and manage SQL and internal compute resources effectively. Passionate and innovative engineers were eager to replace old protocols and an overreliance on old technologies in favor of new and innovative solutions.
Extensive Asset Management
CrownRock's extensive asset portfolio created administrative challenges for the firm whose economic decision making relied on PHDwin V2. Engineers at CrownRock captured the opportunity to streamline the decision making process and consolidate CrownRock's entire portfolio under PHDwin V3, allowing for a better economic engine to report all company cases and SQL Server as a robust data warehouse.
Innovative Petroleum Engineering
Engineers Driving Change
In 2021, Kyle Poeske, a reserves engineer at CrownQuest, one of the owners of CrownRock, became actively involved in using PHDwin V3 to QC and automate processes at CrownQuest. Kyle collaborated directly with TRC leadership, and together they identified that reporting enhancements in V3 would benefit company processes and efficiency. During the transition process, Kyle recognized several areas for feature improvement. He worked alongside with TRC to introduce new ideas including updates to V3 Connect which soon made their way to the development stage. Collaboration with CrownQuest and the team at CrownRock made the transition quicker, and now faster for any users looking to switch.
Kyle has since moved on with his career, but his time at CrownQuest allowed CrownRock to fast-track their transition to Version 3 and become more successful in managing their reserves base and improving reporting quality controls. To this day, Kyle is one of the only engineers who has taken features such as V3Connect beyond just reporting and data analytics in Excel. Before leaving CrownQuest, he developed integrations which allow users to manipulate and visualize data within Spotfire dashboards.
CrownRock's extensive asset portfolio created administrative challenges for the firm whose economic decision making relied on PHDwin V2. Engineers at CrownRock captured the opportunity to streamline the decision making process and consolidate CrownRock's entire portfolio under PHDwin V3, allowing for a better economic engine to report all company cases and SQL Server as a robust data warehouse.
Real Sample Screenshot from Keith & CrownRock team using V3 Connect
2023
Turning Point at NAPE
Keith Uhles' Commitment to Progress
At NAPE 2023, Keith Uhles, the engineer responsible for managing royalties at the organization, committed to transitioning to V3.
Keith manages over 12,000 cases. In V2 this meant managing multiple databases. However, since moving to V3, he is able to cut down work redundancy and implement automations by merging many V2 databases into a single V3 database.
Additionally, V2 lacked the robust royalty reporting found in V3. As part of the royalty team within CrownRock, CrownQuest, Keith saw the opportunity to advance and innovate several workflows and protocols within the organization.
To address these challenges, Jonathan Smith and Keith collaborated on a comprehensive transition plan. Their objective was clear: to ensure a seamless transition to V3 while preserving the momentum initiated by Kyle's earlier efforts.
Keith from CrownRock and Garrett with PHDwin Custom Reporting went back and forth developing V3Connect to QC specific and valuable interests. These outputs are now avatfable for all clients to use, also custom report development can ensure you have access to the qualified data you need.
Visionary Leadership
The CrownRock team learns and Adopts V3
What followed over the course of several months was a collaborative effort between teams at TRC and CrownQuest/Rock. Working simultaneously, they executed a well-structured plan to transition seamlessly.
Exceptional engineers like Philip Jurecka and Nicholas Krzewinski underwent extensive training in V3, embarking on a personal mission to ensure the success of the transition. Simultaneously, reservoir techs like Beth Johnson worked diligently to meet the deadline, ensuring the transition was completed by the end of 2023.
The CrownRock team influences PHDwin's Development
Throughout this process, PHDwin underwent significant enhancements (with many features in 3.1.16 and 3.1.15 directly inspired by this work). Keith and Phil emerged as some of the most knowledgeable PHDwin users globally.
The creation of "Models Audit," as well are 3.1.16's non-economic group cases, were all a result of the collaboration with CrownQuest and CrownRock.
Seamless Transition
CrownRock in Full Stride
By the end of Q4 2023, the transition was successfully completed. CrownQuest concluded its shift to V3, proving a transition in a single year is possible.
All numerical data and reporting from CrownQuest and its subsidiary, CrownRock, had seamlessly migrated to V3.
The Oxy Deal
The numbers produced by V3 took on an additional significance when Oxy acquired CrownRock for a staggering $12 billion. The valuation, assessed through PHDwin, positioned a segment of the company as the crown jewel in Oxy's Permian acquisition strategy. The efforts invested in 2023 will directly benefit the new owners of those assets, who coincidentally are also clients of PHDwin.
As we embark on a journey of transforming the futures of this industry with V3, we are on the lookout for organizations that are ready to embrace V3's power of innovation, efficiency and now proven success.
Are you prepared to be a part of this new era of excellence?
Seamless Transition
CrownRock in Full Stride
By the end of Q4 2023, the transition was successfully completed. CrownQuest concluded its shift to V3, proving a transition in a single year is possible.
All numerical data and reporting from CrownQuest and its subsidiary, CrownRock, had seamlessly migrated to V3.
The Oxy Deal
The numbers produced by V3 took on an additional significance when Oxy acquired CrownRock for a staggering $12 billion. The valuation, assessed through PHDwin, positioned a segment of the company as the crown jewel in Oxy's Permian acquisition strategy. The efforts invested in 2023 will directly benefit the new owners of those assets, who coincidentally are also clients of PHDwin.
As we embark on a journey of transforming the futures of this industry with V3, we are on the lookout for organizations that are ready to embrace V3's power of innovation, efficiency and now proven success.
Are you prepared to be a part of this new era of excellence?
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