Magnum Forge is a consulting firm offering world-class project services to upstream oil and gas companies. We take pride in helping professionals who have deep knowledge in this realm, and we take responsibility for the success of clients’ projects. The professionals at Magnum Forge know the upstream software market, and we ensure that clients’ get the most out of their IT investment.
Back-to-Back Rapid Acquisition Integration Projects
THE OPPORTUNITY In May 2021, Magnum Forge was in the middle of leading a W Energy Software ERP implementation when our client announced an acquisition of properties in their core area of the Permian Basin. The acquisition involved 112 operated wells, 90 non-operated wells, and 1,313 leases (1,984 total agreements). As part of the purchase … Continue reading "Back-to-Back Rapid Acquisition Integration
Business Process Improvement and ERP Integration Project
Integrating data and processes from an acquired company is complex and time-sensitive. Even when companies use the same ERP system, it is never a matter of simply running data from one company’s system to the other’s. Our client acquired two companies in rapid succession. Magnum Forge was hired to break down the complex task of bringing together the two companies’ processes and approaches, not just the data, so there was a single solution that leadership agreed upon before starting to use the integrated set of data.
E&P Acquisition Integration Project
In 2015, oil prices dropped dramatically forcing many energy companies to sell off assets. For companies with liquidity, the downturn provided an opportunity to acquire assets. Such aggregation programs often resulted in asset integration problems with acquiring company’s existing accounting and financial reporting tools. Magnum Forge was hired to bring a large number of wells online within 60 days while delivering new functionality to the client's existing software.
Rightsizing Your ERP Solution for Cost Efficiency and Real-time Reporting
The desire for improved efficiency and incremental value is driving key changes into companies’ information-technology architectures. Central to implementing this desire is using ERP software to integrate all digital-operating solutions.
ERP Upgrade Spanning Business Processes Across the Operations
When a large, independent E&P was faced with a major software upgrade that would span business processes across its operations, it reached out to Magnum Forge for help. We met the wide-ranging demands of project planning, including testing, training, and cutover activities related to the upgrade. Additionally, Magnum Forge ensured the completion of the rigorous audit documentation mandated by the company’s internal auditor and its public-accounting firm. Magnum Forge’s leadership allowed the company to focus on its core business during a period of economic challenges due to the plunging price of oil.
E&P eInvoicing Selection and Implementation
Automation matters where accounts payable (AP) are involved, and the business case in support of eInvoicing is a relatively easy one to make. Electronic processing of AP invoices reduces administrative costs, reduces spending through efficiently capturing early payment discounts), reduces spending through adherence to contract pricing, and ensures better control over cash flow and working capital. As convincing as these benefits are, they don’t include the improved visibility and dramatic improvements in accuracy and financial analytics that an accounting department can realize through the deployment of eInvoicing.
Application Exploitation to Improve on Processing Revenue Distribution
Magnum Forge recently helped a client improve on processing revenue distribution by means of a more automated method, and in-line with auditing standards, simply by exploiting existing functionality of their ERP system. Magnum Forge also helped the client realize industry best practices for revenue deck ownership setup and maintenance.
ERP Software Exploitation to Improve Business Processes and Build Upon Existing, but Unused, Functionality
Magnum Forge recently completed the second phase of a project for a mid-sized E&P company that was suffering from issues arising primarily from a rushed ERP implementation in 2013. The project helped the client better utilize their accounting software application and take advantage of unused functionality that was licensed but not set up during the implementation. Most importantly, the project helped change the mindset of the users across multiple accounting areas by encouraging them to proactively seek ways to partner with IT to improve their departments’ business processes and overall
Improving Revenue Distribution Process by Optimizing Existing Software Functionality
Is your month-end close consuming too much of your team’s time? Magnum Forge recently helped a client improve their revenue distribution process by simply optimizing the existing functionality in their ERP system.