Energen Invests in Verian Oil & Gas Suite to Control Spending During Critical Period

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Leading Exploration and Production Company Goes Live on Verian’s Cloud-based Purchasing System as Crude Oil Prices Fall

“We chose Verian because of their deep understanding of our industry,” said David Malone, Manager – Joint Interest Accounting at Energen.

Verian announced today that Energen Corporation, a leading oil and gas exploration and production (E&P) company, is now live on Verian’s cloud-based purchasing system, which is tailored for the oil and gas industry, just in time to realize savings as crude oil prices plummet.

Prior to implementing Verian, Energen was using a homegrown purchasing process, but saw the need to replace it with a system that would provide vital insight into all spending to maintain profitability and ensure scalability for anticipated growth.

Energen’s vision around modernizing their purchasing process included

  •     Streamlining the processing of purchase order (PO) invoices by accounts payable
  •     Automating a three-way match between PO, receipt and invoice to either trigger “ok to pay” or a discrepancy for review
  •     Delivering rich reporting and analytics to drive profitability and accountability back to investors
  •     Rolling out a mobile system that allows their remote users to get what they need wherever they are
  •     Developing a material transfer and management process to track and value high-dollar commodities

“We chose Verian because of their deep understanding of our industry,” said David Malone,
Manager – Joint Interest Accounting at Energen. “Their ability to streamline our material transfer process and integrate with our industry-specific systems made this an easy decision for us. We couldn’t find anyone else that was able to integrate with DocVue and even Excalibur to take into account elements such as JIB decks, wells, leases and cost centers.”

Verian’s Oil & Gas Suite is designed specifically to support the diverse needs of field offices in de-centralized oil and gas organizations, and can help these companies closely monitor spending when it matters most.

To learn more, register for Verian’s webinar January 15 at 2:00 p.m. EST to hear Verian’s oil and gas leader, Kevin Zirkle, discuss purchase-to-pay trends in the industry and showcase Verian’s Oil & Gas Suite. Zirkle has nearly two decades of experience in the energy and technology industries. He is the Director of Sales for Oil and Gas/Energy at Verian, and is focused on bringing innovation and unique solutions to the industry during this critical time.

For more information about Verian’s Oil & Gas Suite, visit the website, contact marcomm(at)verian(dot)com or call 800-672-8776.

About Energen
Energen is an oil and gas exploration and production company with headquarters in Birmingham, Alabama. The company has approximately 775 million barrels of oil-equivalent proved, probable, and possible reserves and another 2.5 billion barrels of oil-equivalent contingent resources. These all-domestic reserves and resources are located primarily in the Permian Basin in west Texas. Energen also has operations in the San Juan Basin in northern New Mexico. Learn more at http://www.energen.com.

About Verian’s Oil & Gas Suite
As the leading provider of purchasing and inventory automation software to the oil and gas industry, Verian’s Oil & Gas Suite automates procurement and materials transfer processes. Verian not only provides better control around spending, but also provides pinpoint accuracy into inventory location, valuation, condition and transfer adjustments. With partnerships in place with leaders like Full Circle Systems and P2 Energy Solutions, Verian’s Oil & Gas Suite helps E&P companies explore aboveground opportunities to reduce costs and boost profitability. For more on Verian’s E&P dedicated solutions, please visit our website or schedule a personalized demo.

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Lindsay Munn
Verian
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