Reserves Reporting Accuracy: How Consulting Firms are Using ComboCurve

Adam Null shares insights into Wright & Company’s unique approach to reserves reporting for their extensive client base. He underlines the efficiency gains, improved data management, and streamlined consulting processes resulting from the integration of ComboCurve into their workflow. 

What sets Wright & Company apart is its role as a consulting firm catering to a wide array of clients and their data, offering a range of services. Unlike companies with their own proprietary databases, Wright & Company handles data from various sources and serves multiple segments of the industry, including minerals, royalties, midstream operators, lawyers and litigation, and reservoir management. Reserves reports are a significant cornerstone of their operations, ensuring clients have accurate insights to make informed decisions, and solidifying their trusted reputation in the field. 

So, how did ComboCurve become an essential tool for Wright & Company?

 Wright & Company discovered ComboCurve shortly after its launch in March 2020. Their adoption of the platform wasn’t immediate, however, they recognized its potential and versatility, leading to a later partnership and co-marketing opportunity. They leveraged ComboCurve to enhance their consulting services.  

Auto Forecasting for Quick, Accurate Insights

For Adam and his team, ComboCurve’s auto forecasting feature proved to be a game-changer. While not always the final answer, auto forecasting provides a valuable starting point for Wright & Company’s larger studies. It provides them with the forecast data and statistics they need, which they then review and analyze, often comparing it with production graphs, effectively streamlining their workflow. As Adam puts it, “When you’re working through forecasting wells, you want to have a picture of the big area and an understanding of what those forecast parameters should look like. ComboCurve lets Wright & Company look at wells that are high variance. I find it’s faster to do this when you have pre-screened the wells and have a separate list of the wells that require a detailed look and a big adjustment.” 

Before implementing ComboCurve, Wright & Company would carry out the often time-consuming process of doing a type curve analysis by area and global editing in a curve based on what they saw in a specific area, which was a manual process. 

“It would depend on the level of detail required and the number of wells but could be very time-consuming. This would be fine for big-picture analysis or even a more detailed study in a relatively homogenous area, but when you are looking at many areas and multiple reservoirs, it can become very time-consuming. Every well is important to a client. If you have 11 wells, they’re all very important. If you have 6,000 wells, you don’t care if you have to shut one in for some reason. It’s the same thing with our analyses, purpose matters and value matters.” – Adam Null 

Reserves Reporting Redefined

ComboCurve is now an integral part of Wright & Company’s day-to-day operations, although not exclusively. Adam’s team uses ComboCurve regularly for their weekly analyses, accommodating clients’ preferences for other software, while endorsing ComboCurve as one of their go-to in-house tools. Wright and Company’s feedback has been an integral part of developing recent ComboCurve enhancements, including the ability to customize PDF reports for different clients.  

When dealing with clients with portfolios spanning multiple states, Wright & Company extensively leverages ComboCurve for basin and area studies. Well data is imported into ComboCurve to forecast well production, a critical aspect of their work. This information integrates back into their clients’ databases and is used to refine their analyses and prioritize high-value opportunities, saving both time and resources, while providing initial estimates and accurate predictions. 

Royalty Interest Assessment

For clients with royalty interest portfolios, ComboCurve serves as a tool for assessing the total value and accurately pinpointing which wells need a detailed valuation, saving hours of laborious work. “This is definitely helpful when looking at more than 100 wells, be it 900 or 3000, especially for new clients when they’re looking at them for the first time or the forecasts are a bit stale.” 

Diverse Data Management

Wright & Company’s clients often provide various sources of data including remittance statements and public production data, or request a custom database-build. Managing diverse data across different databases can be challenging, especially as it changes from year to year. Wright & Company has set up a workflow that bridges the gap. They use custom outputs in Enverus, which seamlessly integrates with ComboCurve, ensuring data consistency and saving substantial project hours. 

Measurable Efficiency 

While specific metrics might be hard to quantify, ComboCurve has significantly improved efficiency for Wright & Company. By automating tasks, eliminating manual processes, and improving accuracy, ComboCurve accelerates project timelines and frees up valuable time for more critical and technical analysis. Adam explains:  

“All the time that you save gives you more time to look at what’s really important. By eliminating some of the grunt work and allowing us to focus on the technical evaluations, it [ComboCurve] really lets us do a better job, providing accurate and reliable forecasts, reserves reports, and economics analysis that we have confidence in.”