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Mineral / Land / Royalty Owner - industry sector

The Mineral / Land / Royalty Owner sector includes participants who have ownership in oil and gas projects but are not directly responsible for operations.

Mineral / Land / Royalty Owner Processes and Systems

Given the significant revenue involved, conscientious participants utilize processes and systems to validate royalty payments received from operators. Key elements include:

  • Capital budget management with financial controls, including approval process (AFE) and allocate approved funds to projects
  • Accounting for production
  • Accounting for revenue from production including distribution
  • Financial accounting (GL, AP, AR); fixed asset and depreciation accounting (DD&A); inventory management
  • Tracking, maintenance, allocation and accounting for joint venture (JIB) and owner interest, including division order (DO)
  • Marketing of natural gas and natural gas liquids (NGL) produced  for royalty in kind (RIK) arrangements
  • Reporting and business intelligence, executive dashboard, regulatory reports, lease operating statements (LOS), payouts, etc.

Mineral / Land / Royalty Owner Software Solutions

Quorum has experience in the Mineral / Land / Royalty Owner sector in design, implementation and support of configurable, sustainable, scalable information technology solutions to manage business activities efficiently and cost effectively. In addition to consulting services, we provide a full range of software solutions specific to the Mineral / Land / Royalty Owner sector, including: 

     
                     
    

 

Quorum Enterprise-wide Software Portfolio for Mineral / Land / Royalty Owner sector
                   
      Mineral   Land   Royalty   Marketing (RIK)
                   
      Capital Budget & Management (AFE)     AFE (w/ electronic workflow approval)    
    Capital Budget Tracking    
                   
  Land / Property Management    Land Management    
    Q Prospect    
                   
  Measurement Data Management                
                   
  Transaction Systems
  • Revenue
  • Marketing
   Production Revenue Accounting   Gas Marketing
      Liquids (NGL) Marketing
                   
  Contract Admin   Contract Management (enterprise-wide)
                   
  Financial Accounting   Financial Accounting (GL, AP, AR)
                   
  Fixed Asset Accounting   Fixed Asset & Depreciation (DD&A) Accounting    
    Equipment Inventory Management & Accounting    
                   
  Joint Venture / Owner Accounting   Joint Interest Billing (JIB) / Joint Venture Accounting    
 
                   
  Marketing Management           Gas Marketing
            Liquids (NGL) Marketing
                   
  GIS / Mapping   Geospatial Information System (GIS)  
                   
  Reporting & Business Intelligence   Multi Dimensional Reporting & Business Intelligence (BI) Solution