OIL AND GAS
Lease Operating Statement
Lease Operating Statement Template
Combine accounting and production data into a customized lease operating statement.
An accurate lease operating statement is one of the most crucial documents in running your oil and gas company. Accounting, landmen, engineers, pumpers and executives all need to have an accurate understanding of which wells are making money, and why. Static, painfully large spreadsheets aren’t the solution. Whether your Accounting system is Bolo, OGsys, Wolfepak, or others, Velocity Insight combines accounting and production data to put consistent, accurate data into the hands of your whole organization, cost-effectively.
Velocity Insight builds customized LOS reports with the data from your existing accounting and production software.
This sample lease operating statement created by Velocity Insight allows for drill down to information about each individual well or even view an actual invoice. Although this is an example lease operating statement, all of our reports are built to your needs.
Click through the report to try it out.
How does it work?
01.
EVALUATE YOUR EXISTING LEASE OPERATING STATEMENT PROCESS
Before working with Velocity, many of our clients ask their accounting department to create reports for them each month. But it’s not a seamless process. Where accounting cares about net costs, operations cares about gross costs. Most reports from accounting software fail to include production data. That’s where Velocity Insight comes in. We are a data management company that helps Oil and Gas businesses move, store, QC, and visualize your data. By combining your accounting and production data we can give you the exact information you need, when you need it.
02.
Modify one of our LOS Templates to fit your needs.
We’ll work with you to modify a Lease Operating Statement example to fit your exact needs, then we’ll identify which software is the best fit to combine your data and create easy-to-read reports. Finally, we’ll build a report to your specifications.
03.
Your operations team gets the information they need.
The result is your operations team has information about each individual well in the moment they need it, saving the accounting team hundreds of hours in customized reports. And the rest of your team can keep using the software they already use.
Benefits of a Customized Lease Operating Statement
Configure with any accounting system, including Bolo (via Welland), OGsys, Enertia, Excalibur, Quorum, Wolfepak, etc.
Integrate with other systems like ARIES, Field Insights, and OpenInvoice
Easily filter/slice your data by pad, field, well, or whatever level works for your company
VISUAL AND AUTOMATED
The Velocity Insight Lease Operating Statement dashboard template is built to be automatically updated based on your live Accounting data. No more wondering which spreadsheet is the correct one – just go to the one published in your secure Power BI workspaces or Spotfire reports. Includes features like switching between Gross and Net, Service Date and Accounting Date, and drilling down to individual transaction details.
INCREASE ACCURACY, SAVE TIME
We work with you to define your Chart of Accounts and build out the connections in a way that works for you. No two E&P companies are the same, so we help you define the right categories and well groupings that will make sense to your team. We’ll help you integrate the other relevant systems like well data from ARIES/PHDWin, invoices from OpenInvoice or DocVue, and production data from Field Insights or P2.
Get your accounting team back to accounting.
Use customized reports to deliver accurate data to the whole organization.
For many oil and gas companies, creating an accurate LOS is a manual process that involves exporting a spreadsheet, comparing it with production data, and making manual adjustments to make it useful for the operations department. Let your accounting team get back to accounting with automated reports that tell your operations team the exact data they need to know when they need to know it.
About Velocity Insight
Velocity Insight is a full-stack, full-function data management and analytics consulting firm. We’re not a software company – we help you get the most out of the tools you already pay for.
We combine three things to enable durable data transformations with our clients: deep O&G expertise, state-of-the-art tools, and real-world experience. With hard-earned oil and gas industry knowledge and experience digging in and implementing better processes, we have the trophies (and scars) to successfully meet our clients where they are.
Pricing
Since every company has its own nuances, we charge a low fixed fee for the template, then work with you to configure the template to your system. Fixed fees range from $20k to $100k based on company size, plus Time and Materials to customize for your environment. Reach out to start building a Scope of Work and get a full cost estimate!
Contact us today to start customizing a sample lease operating statement to fit your needs.
Want additional reporting? Explore more sample reports.
