Oildex Acquires PDS Energy Financial, Inc. Data Exchange and Owner Relations Businesses
Whether via the press release, a CEO email or this blog post, we want to make sure you receive this exciting news: Oildex has acquired PDS Energy’s financial data exchange and owner relations businesses.
Who: PDS Energy Information, Inc. (PDS Energy) is a provider of financial data exchange solutions and owner relations services for the energy industry. PDS Energy utilizes proven data integration techniques to provide customers with cost-effective methods to efficiently access, transform, and distribute their data. The PDS Energy technology platform includes check data, joint interest bills, gas statements and well data. PDS Energy is the industry leader in owner relations management, including web portals and customized call center services, providing flexible options to meet specific operator and owner needs. PDS Energy is a privately held company with its headquarters in Austin, Texas.
What: Oildex has acquired PDS Energy’s financial data exchange and owner relations assets, including all products and services related to royalty and revenue detail, joint interest bills, gas statements, gas balancing, owner relations web portals, call center, automated check detail phone service, and payment processing. PDS Energy will retain and operate their Well Data Exchange and production exchange business that provides for the hosting, distribution and electronic exchange of field activity information such as drilling, completion, workover and production information and the associated customer support operations.
Why: This is a merger of two very successful businesses with similar visions to become the premier solutions provider in the financial data exchange and owner relations management market. Combined with our market-leading AP automation and electronic invoicing solutions, Oildex is the only company to offer end-to-end financial supply chain automation solutions to the North America oil and gas industry. This unique portfolio strengthens the ability for businesses in the oil and gas ecosystem to improve operational efficiency, have better visibility into cash management and create more profitable business relations through automation, connections and collaboration.
How: For existing PDS Energy customers, the first question might be "What is going to happen to my service?". The short answer is … “Business as usual.” Oildex is dedicated to ensuring a seamless transition for all customers and is employing a “business as usual” approach to this transaction. Both Oildex and PDS Energy representation will remain the same across the board – from sales to support services. All Oildex and former PDS Energy offices will continue to be operational. Customers should continue to rely on existing relationships. Furthermore, Oildex will honor all current PDS Energy contracts, terms, and pricing.
Continuing existing operations without change is the first of a multi-phased approach we are employing to drive the product roadmap for the combined business. Short term, we will work to merge our inventories so both Oildex and PDS Energy customers can get closer to eliminating manual processes through achieving 100% digital data exchange. Over time, we plan to combine the best features and capabilities of the Oildex and PDS Energy offerings into a common platform that delivers best-of-breed functionality and services to our customers
In addition to establishing the largest inventory of electronic data and the most efficient and cost-effective exchange network, merging PDS Energy's owner relations solutions with Oildex’s will help the oil and gas industry realize more profitable and reliable business relations. As operators continue to seek cost-effective ways to grow their business, doing more with less is a key strategy. We have seen growing interest among our existing owner relations customers to provide industry-skilled resources to handle owner inquiries.
Whether complimenting your current owner relations program or managing 100% of owner calls, we can assure all owner inquiries are answered, resolved and reported at the highest industry standards. Agents with years of direct land experience and accounting skillsets, and state of the art telephone technology allows for complete support customization, including call routing, management, and reporting processes. We are looking forward to making these market-leading owner relations call center services available to the entire Oildex customer base.
Combining electronic data inventories to offer the largest one-stop-shop in the industry doesn’t stop at check detail. It extends to joint interest bills (JIB), gas balancing and gas plant statements, and run tickets and run statements. There is no larger source of data than Oildex’s network for those seeking to eliminate manual entry at an enterprise level. To support the continued and growing need in managing the complex workflows required to process JIBs, we are excited to expand upon the passion that ignited Oildex almost 20 years ago – joint interest bill automation. Building on our leadership with OpenInvoice AP automation and electronic invoicing, PDS Energy’s JIB data exchange solution and Oildex’s mapping and translation JIB application, creates unparalleled value for JIB customers going forward.
The union of Oildex and PDS Energy financial data exchange and owner relations assets creates a first-of-its-kind network of oil and gas operators, partners and owners to provide an unique combination of technology and services to help securely distribute, access and manage financial data faster, with less cost and higher accuracy while realizing more profitable and reliable business relations.
We remain committed to ensuring our customer’s success and hope all customers share in our excitement about this investment.