Phillips Energy Partners actively buys producing and non-producing mineral rights, royalties, and overriding royalties.
With an increase in purchasing mineral rights, the collection process needed to grow to be more cost effective and efficient, while maintaining and ensuring accuracy throughout the workflow.
Phillips Energy Partners approached Praeses Business Technologies with a capacity issue — challenged to grow additional revenue due to several limitations. Praeses Business Technologies engaged with Phillips’ team and evaluated their processes around tracking the flow of the purchase and sale of minerals.
The legacy system involved a cumbersome platform using several manual processes and lacked end-user adoption. Some of the main challenges for Praeses Business Technologies were to streamline the business model - changing the way Phillips did business to reduce bureaucracy and paperwork. At the same time the new software needed to streamline the assembly line and reduce time and provide analysis tools to identify and remedy bottlenecks.
Praeses Business Technologies developed a Deal Management System which improved the overall business process and made the legacy systems more technologically sound. Since its implementation, DMS has improved Phillips’ capacity for managing the purchase and sale of minerals by 341% over the course of two years, delivering an immediate and measureable ROI.
“We had a need to better manage our oil and gas leases. We asked Praeses Business Technologies for a solution.
With their help, we now have our DMS which allows our staff to better manage the leases they are responsible for.
Great job... a true technology partner.”
Phillips Energy Partners