TULSA, Okla., Jan. 12, 2021 /PRNewswire-PRWeb/ -- W Energy Software, the new leader in upstream and midstream oil & gas SaaS ERP solutions, today announced the achievement of major organizational milestones in the last year along with guidance for market expansion and technology advances in 2021. Amidst a challenging year for the oil & gas industry, W Energy Software experienced accelerated growth across upstream and midstream markets, doubled the size of its organization, and launched new product initiatives. In the New Year, W Energy Software anticipates strong growth as it continues to rapidly gain market share in upstream accounting, production operations, and land management as well as solidify its market dominance in liquids transportation and plant accounting as midstream companies increase the velocity at which they are replacing legacy technology with W Energy Software. It has set its sights on new markets dominated by resource intensive solutions that no longer make sense for E&P companies who are prioritizing cost reduction, including upstream ERP and measurement data management.
"Despite all of the challenges of 2020, WE came, continued significant growth, and kept innovating," said Pete Waldroop, CEO of W Energy Software. "Our rapid growth despite a down market is not just a testament to our technology, it's validation in our philosophy of always doing the right thing for our clients and last year was when the industry truly needed that partnership," he said. Waldroop added, "as we head into the New Year and the challenges and opportunities it brings, W Energy Software remains extremely focused on our mission of relentless innovation and customer commitment, which is why we expect energy companies from across the value chain to continue rushing to our SaaS ERP solutions and the busines performance, agility, and cost efficiencies it rapidly delivers."
Major organizational milestones in 2020 included:
- Rapidly increasing upstream market share for financial, revenue, cost, and production accounting as well as land management and production operations with new clients that included Killam Oil Company, Oxley Energy, Anschutz Exploration, and Vernon E Faulconer.
- More than 40% market share attained for natural gas plant accounting and increasing demand for W Energy Software's liquids transportation and other midstream solutions with new clients that included CIMA Energy, Colt Midstream, and Roaring Fork.
- Launch of WE Measure, next generation measurement data management back by an industry-led product consortium with Phillips 66 as a charter member.
- Achievement of Select Tier in the Amazon Web Services (AWS) Partner Program as well as SOC 1 and SOC 2 certifications.
- Launch of WE Partner, an expanding ecosystem of implementation, business process outsourcing, and technology partners, including Enverus, EAG 1Source, and ThoughtTrace.
A key notable win in 2020, W Energy Software's full SaaS ERP platform was selected by an integrated energy company to manage more than 10,000 wells and numerous midstream assets. The cloud-based solution features a full financial suite spanning upstream and midstream, including general ledger, revenue and cost accounting, forecasting, AP, AR, JIB, AFE, fixed assets, and tax with specialized modules for production accounting, land management, plant accounting, and contract management. The selection of W Energy Software followed an extensive evaluation of other ERP providers, firmly establishing W Energy Software as a proven alternative for upstream firms seeking a more cost-efficient and agile solution to manage assets at scale, a strength W Energy Software plans to leverage in 2021 to increase adoption of its oil & gas SaaS ERP at larger E&P companies.
W Energy Software reports that it expects its pace of growth will accelerate in 2021 as it continues to gain market share in upstream accounting, production operations, land management, plant accounting, liquids transportation, energy trading and risk management. The best-in-class software developer also anticipates increased adoption of its logistics and transaction management solutions in the water management market where it has recently deployed solutions for H2O Midstream and a leading Permian water disposal service provider.
In addition to delivering regular product updates for all of its software solutions in 2021, W Energy Software is on track for the commercial release of WE Measure in the second half of the year. The next generation measurement data management product will bring much needed choice and innovation to a space where one solution provider effectively has a monopoly, demonstrating W Energy Software's proven ability to successfully challenge the status quo while offering energy companies superior capabilities at a fraction of the cost.
"We've done what no one else has in the energy space, build a 100% unified ERP solution on the cloud that covers all the bases for upstream and midstream with new parts of our product roadmap being continuously rolled out," Waldroop said, adding "it's a strategic differentiator that will only accelerate W Energy Software's market share in upstream this year as energy companies face mounting brand confusion from our competitors who can only grow their technology base through haphazard acquisitions that present the market with a confusing menu of product soup, different flavors of land management and accounting software that aren't integrated, die on the vine through lack of continued innovation, and are plagued with deteriorating service." Waldroop concluded, "W Energy Software's unified SaaS ERP is also poised to break up multiple monopolies in 2021 by enabling energy companies to remove the big tech handcuffs in areas such as measurement and large upstream ERP projects."
About W Energy Software
Headquartered in Tulsa, Oklahoma, W Energy Software offers the oil & gas industry's only unified ERP solution built for the cloud that is relied on by more than 100 upstream and midstream companies to accelerate business performance, improve operational efficiency, and drive costs down. W Energy Software combines precision-built software in one extendable cloud-based workspace with an intimate understanding of the oil & gas business to deliver solutions that offer flexibility, affordability, and continuous upgrades. Unlike other ERP software that loosely ties together a mix of legacy solutions and fragmented technologies, W Energy Software designed a unified upstream and midstream ERP platform to seamlessly track oil, gas, and NGL from the wellhead through transportation and marketing, eliminating data silos as well as the burden and costs of maintaining multiple systems. With W Energy Software, oil & gas companies stay lean and agile with the tools they need to adapt to market changes and meet evolving customer needs head on, all while gaining the confidence that their business is running on the latest technology. For more information, please visit https://WEnergySoftware.com.
Ben Parker, W Energy Software, 281 636-9055, [email protected]
SOURCE W Energy Software