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Oil & Gas Exploration Company 1

Oil & Gas Exploration Company

Discover how our OneStream implementation services enable your organization to streamline the financial close, report with confidence, and deliver faster, more accurate insights to stakeholders.

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An oil & gas exploration company required modernization of their complex business and financial processes to support consolidations, the production of financial statements, resource planning, and external reporting.

The company migrated from Excel-based processes to the OneStream platform to simplify the complexity. HollandParker led the implementation to create one source of truth for external reporting on financial statements, guarantor statements, and well level reporting.

  • Procedures created to optimize data through direct-connect to OneStream.
  • Journal templates rolled out to end-users to streamline top-side journal process.
  • Cube Views created for dynamic calculation of balances within Guarantor Financial Statements.
  • Audit trails and tools supported review of top-side journals and consolidated financial statements.

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Summary

An oil & gas exploration company operating in multiple arenas required modernization of their complex business and financial processes to support consolidations, the production of financial statements, resource planning, and external reporting. The company migrated from Excel-based processes to the OneStream XF platform to simplify the complexity. HollandParker led the implementation to create one source of truth for external reporting on financial statements, guarantor statements, and well level reporting.

Oil & Gas Exploration Company 2

The problem

Why Oil & Gas Exploration Company Approached HollandParker?

The company required a more reliable connection to their Enterprise Resource Planning (ERP) solution and needed to address various reporting needs for three separate reporting structures (2 public and 1 private).

  • The required well level detail was not stored within the financial tables of the ERP system.
  • Intercompany partner was not tracked for every transaction in the ERP system.
  • The manual consolidation process -- including voluminous top-side journals and eliminations.
  • Company lacked a single source for both consolidated financial statements and well level statements.
  • Separate Excel workbooks were used, oftentimes with conflicting top-sides to derive the Guarantor Financial Statements.
  • Both the public and private reporting structures required unique Income Statement and Balance Sheet presentations.
  • The legacy process created inherent risks because of an insufficient audit trail.

The Solution

How We Approached the Problem

As part of our implementation of OneStream XF, HollandParker strategized a unique approach to close the gaps between business activity, resource planning, and financial reporting to create cohesion across the organization.

  • Created a complex stored procedure to support data lineage and return data through a direct-connect back to OneStream.
  • Supported well reporting by utilizing composite transformation rules and attribute fields in OneStream.
  • Journal templates were rolled out to end-users to streamline the top-side journal process.
  • Dynamic calculations were deployed to evaluate data intersections and calculate a resulting value based on predetermined criteria.
  • Cube Views allowed for dynamic calculation of balances within the Guarantor Financial Statements that were not recorded within the general ledger in the ERP system.
  • Intercompany partner was set up with a default IC Partner to correctly eliminate intercompany balances at the consolidated reporting level.
  • Transformation Rules were created to facilitate mapping to the correct IC partner once the company fully populated Intercompany field within ERP system.
Oil & Gas Exploration Company 3

Here Are the Key Achievements for This Client

Advanced from quarterly reporting pre-OneStream to desired monthly reporting.

Provided robust audit trails and tools to Management to support the review of top-side journals and consolidated financial statements.

Reduced number of top-side entries each month due to automation of intercompany eliminations.

Oil & Gas Exploration Company 4

Created multiple entity and account hierarchies within the same Cube to facilitate unique reporting structures for public and private entities.

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