ABILENE, Texas, June 27, 2018 - WolfePak Software LLC (WolfePak), a leading provider of financial, accounting and regulatory compliance software to the oil and gas industry, announced the newest release of WolfePak Midstream, the industry-leading accounting and automation solution for First Purchasers, Transporters and Haulers.
WolfePak Midstream automates accounting and regulatory compliance processes from pickup to endpoint. With its latest release, WolfePak Midstream adds visibility into key metrics including profitability, pricing variants and asset utilization. In addition to a number of new features, this release simplifies and connects previously disparate processes increasing the speed users can input and access data within WolfePak.
“WolfePak Midstream enables First Purchasers, Transporters and Haulers to pinpoint specific factors positively or negatively affecting profitability and their operations,” said Brent J. Rhymes, CEO of WolfePak Software. “WolfePak understands data drives decisions and we’ve enabled users to pull together data from several different modules to get a complete picture of their entire midstream operation.”
The shortage on takeaway capacity in areas like the Permian Basin and Colorado make asset utilization a priority for midstream providers. The newest release of WolfePak Midstream correlates expense data with run-ticket outputs to give insight into how to efficiently manage margins, costs and volume. WolfePak now provides the ability to produce ad-hoc reports that show profitability by lease and/or operator, purchase vs. sale pricing, questionable data factors such as gravity and temperature, driver performance and truck utilization.
WolfePak Midstream also simplifies data entry from the Texas Railroad Commission (RRC) as well as the management and execution of crude oil purchase agreements. The RRC Web Property Import for Texas Licensed Users allows mass additions eliminating the need to manually enter data that includes property number and name, state and county, operator, state property ID number, field API, well type and well status. Future releases will incorporate imports from other states that make this information publicly available. The new Crude Oil Purchase Agreement Process provides an electronic method to track and automatically execute price contracts.
WolfePak Midstream’s new analytic, data import and crude oil agreement features save midstream companies time allowing them to reduce costs and also gain greater visibility into the overall health of their business. Full release notes detailing all changes and updates are available to customers with the download of the latest version of WolfePak Midstream.
About WolfePak Software
WolfePak provides software to exploration & production operators, investors, service companies, first purchasers and CPA firms to help manage oil & gas accounting and business processes. Located in Abilene, deep in the heart of the Texas oil patch, WolfePak serves customers throughout the United States and the world. With its staff of experienced software developers, CPAs and oil & gas professionals WolfePak has provided best-of-breed accounting and automation software and services since 1986. For more information, please visit www.wolfepak.com.