Our SaaS Solutions
Murphy Oil
Murphy Oil participates in many exploration and production projects that require tight management and real-time tracking of capital project expenditures. Murphy selected Pandell to deliver a Pandell Liquid Intelligence solution for spend management, to help Murphy track and manage their capital spending program. Murphy has strengthened control over their capital project expenditures and provided a reliable and reconcilable audit trail for all business units and joint venture partners.
Situation
Murphy Oil participates in many large-scale crude oil and natural gas exploration and production projects. With substantial project budgets on the line and working-interest partners requiring regular updates, Murphy recognized the need to more closely track their capital project expenditures and overruns. The company was looking for ways to streamline existing business processes around the creation, authorization, and approval of project expenditures, as well as improve the timeliness of reporting on their capital expenditures.
Solution
Murphy Oil chose Pandell’s Liquid Intelligence solution for spend management. The solution helps manage the entire capital spend process across finance, exploration, drilling, production, engineering, and facilities. It automates and tracks in real-time, by joint venture partner and working interest, the flow of capital expenditures, through creation, authorization, approval, capture, notification, reporting, and analysis.
The online solution tracks all project expenditures with a secure, searchable repository for every project document. The business workflows associated with the AFE creation, approval, and tracking process are managed online with automatic email notification to employees on pending activities.
The Murphy solution is integrated with their QByte financial system to provide comprehensive, accurate, up-to-date information on capital budgets, forecasts, and actual costs.
Results
Pandell has allowed Murphy to gain tighter control on capital expenditures through real-time tracking and notification on variances. This heightened business control gives Murphy the ability to make better business decisions with up-to-the-minute financial information, and reveals any potential problems areas early.
The managed workflow provides Murphy with a reconcilable audit trail - a vital component to proving responsible accounting practices and adherence to Sarbanes-Oxley regulations. Murphy’s working-interest partners are provided with an accurate, reliable financial picture, proving Murphy to be an attractive and savvy partner in a busy E&P project environment.
