TIBCO Software Case Studies R. Lacy Turns a Down Market into Opportunity

	R. Lacy Turns a Down Market into Opportunity TIBCO Software

R. Lacy Turns a Down Market into Opportunity

TIBCO Software

Technology Category	Analytics & Modeling - Predictive Analytics Analytics & Modeling - Real Time Analytics Functional Applications - Remote Monitoring & Control Systems
Applicable Industries	Oil & Gas
Applicable Functions	Business Operation Quality Assurance
Use Cases	Asset Health Management (AHM) Predictive Maintenance Process Control & Optimization
Services	Data Science Services Software Design & Engineering Services System Integration
Challenge	Recently, the oil and gas industry has experienced a sharp decline in prices, putting a strain on cash flows and project economics. R. Lacy Services saw this as an opportunity to acquire oil and gas assets at lower evaluations. However, the company faced challenges with inefficient data capture and data stored in multiple sources, which hindered their ability to make informed decisions. The goal was to provide decision-makers with 24/7 access to data to improve profitability and identify high-quality acquisition candidates. Read More
About Customer	R. Lacy is an independent oil and gas exploration and production company with core operations in east Texas. The company is known for being an efficient, low-cost operator and aims to leverage its talents to find high-quality acquisition candidates. R. Lacy focuses on making better business decisions in developing its own assets and acquiring new oil and gas properties. The company aims to provide decision-makers with granular data access to improve profitability and operational efficiency. Read More
Solution	R. Lacy implemented TIBCO Spotfire, a data analytics platform, to achieve its objectives. The engineering department uses Spotfire to access the data needed to maximize assets and improve overall profitability. The platform is intuitive and flexible, allowing the company to build analytics dashboards on the fly. TIBCO Professional Services were also leveraged for custom solutions and to integrate decline curve analysis into their processes. This integration helped predict future well production and identify production problems, improving the efficiency of reserves analysis. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Predictive Analytics

Analytics & Modeling - Real Time Analytics

Functional Applications - Remote Monitoring & Control Systems

Applicable Industries

Oil & Gas

Applicable Functions

Business Operation

Quality Assurance

Use Cases

Asset Health Management (AHM)

Predictive Maintenance

Process Control & Optimization

Services

Data Science Services

Software Design & Engineering Services

System Integration

Challenge

Recently, the oil and gas industry has experienced a sharp decline in prices, putting a strain on cash flows and project economics. R. Lacy Services saw this as an opportunity to acquire oil and gas assets at lower evaluations. However, the company faced challenges with inefficient data capture and data stored in multiple sources, which hindered their ability to make informed decisions. The goal was to provide decision-makers with 24/7 access to data to improve profitability and identify high-quality acquisition candidates.

About Customer

R. Lacy is an independent oil and gas exploration and production company with core operations in east Texas. The company is known for being an efficient, low-cost operator and aims to leverage its talents to find high-quality acquisition candidates. R. Lacy focuses on making better business decisions in developing its own assets and acquiring new oil and gas properties. The company aims to provide decision-makers with granular data access to improve profitability and operational efficiency.

Solution

R. Lacy implemented TIBCO Spotfire, a data analytics platform, to achieve its objectives. The engineering department uses Spotfire to access the data needed to maximize assets and improve overall profitability. The platform is intuitive and flexible, allowing the company to build analytics dashboards on the fly. TIBCO Professional Services were also leveraged for custom solutions and to integrate decline curve analysis into their processes. This integration helped predict future well production and identify production problems, improving the efficiency of reserves analysis.

Impact #1	R. Lacy used TIBCO Professional Services to integrate decline curve analysis, improving the efficiency of reserves analysis.
Impact #2	Spotfire helped the company find high-quality acquisition targets by combining mapping, decline curve analysis, and data analytics.
Impact #3	The platform improved cash flow by linking financial databases and production systems, allowing for efficient identification of poor-performing wells.

Impact #1

R. Lacy used TIBCO Professional Services to integrate decline curve analysis, improving the efficiency of reserves analysis.

Impact #2

Spotfire helped the company find high-quality acquisition targets by combining mapping, decline curve analysis, and data analytics.

Impact #3

The platform improved cash flow by linking financial databases and production systems, allowing for efficient identification of poor-performing wells.

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Overview

R. Lacy Turns a Down Market into Opportunity

Operational Impact