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The Struggles of Managing ARO with Spreadsheets – Part 1
Did you go through pain managing your Asset Retirement Obligation (ARO) planning with spreadsheets?
If you’ve been using spreadsheets to track your AROs, you’re no stranger to the challenges they bring—whether it’s the constant fear of human errors, struggling with outdated formulas, or trying to collaborate across teams with version control issues. Sound familiar?
In the previous post, we talked about the growing challenges of managing ARO planning with spreadsheets. If you’re still in the trenches, this post is for you. We’re diving deeper into how relying on spreadsheets creates unnecessary pain, costs your organization time and resources, and ultimately undermines the efficiency of your ARO planning efforts.
The Pain You’re Probably Experiencing
If you’re still using spreadsheets for ARO planning, you’ve likely experienced more than your fair share of frustration. Here are a few examples of the pain you might be going through:
- Data Integrity Nightmares: Spreadsheets are prone to errors—simple ones like typos or more complex ones like broken formulas. These mistakes might not surface immediately, but they can lead to inaccurate ARO forecasts, potentially throwing off your entire planning process. Missing data or incorrect reports can leave your organization vulnerable to compliance risks and financial penalties.
- Slow and Cumbersome Processes: As your ARO data grows in complexity, spreadsheets slow down. Trying to update calculations, track new projects, and manage cost estimates in increasingly large files becomes an exercise in patience and persistence. Updating hundreds of licenses manually can take weeks and can exasperate the data integrity nightmares above.
- Version Control Chaos: Are you constantly dealing with different versions of the same spreadsheet, unsure of which one is the most up-to-date? When multiple team members are updating data in isolation, it’s easy to lose track of changes and create inconsistencies that impact your reports and forecasts. Regulatory compliance is a top priority when it comes to ARO, but spreadsheets lack the features needed to maintain an audit trail, track revisions, or ensure proper documentation.
- Painful Reporting: How many times have you struggled to collaborate on a spreadsheet, only to find that someone else made changes without updating the document or overwriting your work? Working on spreadsheets with cross-functional teams—whether finance, operations, or legal—leads to conflicts and inefficiencies, which drain your productivity.
The Relief You’re Looking For: A Better Way to Manage ARO
At XI, we hear this pain load and clear and have built tools to make this process easy, accurate and repeatable.
1. SOC Compliant Software with Data Integration
Our SOC Compliant software removes all your data integrity nightmares. We deal with all the behind the scene formulas so that you don’t have to. No more broken formulas, data gaps or errors with updates.
2. Connect Directly to Government Data
Our platform allows you to refresh your project data directly from government sources with a single click. You can instantly update relevant well, facility, and pipeline information—eliminating the hassle of manual entry and ensuring data integrity at all times.
Fig. 1: Selecting source data to load. Source: XI Technologies AssetBook ARO Manager
3. Track Every User Change
Worried about version control or tracking decisions? Our system tracks all user changes so you always know who made what updates, when, and why keeping your audit trail clear and your team accountable.
4. Pull a Full Change List with Accretion Values
Generate a complete change summary with work interest (WI) cost deltas, discount value adjustments, and accretion values for every record. This makes it simple to generate your Journal Entry support with zero confusion.
Fig. 2: Generate a change summary for journal entries. Source: XI Technologies AssetBook ARO Manager
5. Click-and-Go Stakeholder and Bank Reporting
All your key reports—bank packages, internal summaries, stakeholder snapshots—are built right in. You can export what you need with a single click, saving hours and reducing the risk of error.
Fig. 3: Sample of charts generated for reporting. Source: XI Technologies AssetBook ARO Manager
We’ve made it our mission to take the pain out of this process.
Ready to Say Goodbye to Spreadsheet Pain?
The pain of using spreadsheets to manage ARO planning is real. But it doesn’t have to be your reality. Specialized ARO management software is the key to eliminating those frustrations, ensuring accuracy, and enhancing collaboration. It’s time to move beyond spreadsheets and unlock the true potential of your ARO planning process.
In our next post, we’ll delve into real-life examples of companies that have made the switch from spreadsheets to specialized ARO management software—and the incredible results they’ve seen. You won’t want to miss it!
Have you experienced the pain of managing ARO with spreadsheets? Watch our recent ARO Manager Webinar from March 25th: Watch Now!
Upcoming Events / Trainings:
Follow the Molecule – AssetBook Production Chain: Learn how to run AssetBook’s latest feature – Production Chain.
When: April 24th at 1pm (Online)
Length: 30 minutes
Using LCA & LLR reports to your Advantage: Learn how to run an LCA and LLR report, and how these reports align with Directive 088 with regards to A&D Scoping.
When: April 29th at 9am (Online)
Length: 30 minutes
Getting the Most Out of Maps Information: Discover the available functions and workflows utilizing all aspects of the mapping tool, including:
- Searching using corners or polygons
- Layering sets of assets on the map
- Searching using mapped assets
- Workflow demonstrations to show assets on the map that meet set criteria
When: April 30th 1pm (Online)
Length: 30 minutes
Check out our new Training Classes & Events calendar page to get the most value from your XI products. Would you like to save time by learning pro tips, short-cuts, and added functionality? Want to upgrade your skills and expertise?
Latest Webinars:
ARO Manager for Financial Tracking & Reporting
- Get a more complete picture of asset retirement costs.
- Cost management is a vital part of the business and operating strategy for every Canadian oil and gas producer. But if you are focused primarily on development and operations costs, then you are missing a significant part of the picture.
- AssetBook ARO Manager is the first and only software application specifically designed for estimating and monitoring asset retirement obligations (ARO) in the Western Canada oil and gas sector. For exploration and production companies, ARO Manager provides transparency and SOC-compliant assurance when monitoring and tracking liabilities for financial reporting.
H2S Reporting – Why Accuracy, Efficiency, and Compliance Matters
Struggling to meet H2S reporting requirements with limited resources or time? We’ve got you covered.
In our latest webinar, we provided valuable insights on:
- Regulatory rules and expectations, including revisions to Directive 056.
- How to ensure compliance, find efficiencies, save costs, and work as a team for consistent and transparent APEGA-approved reporting.
- Manage mergers, acquisitions and divestitures with ease (no duplication of reports).
- Learn about H2SComplete as a full solution to help you quickly manage and mitigate risks associated with hydrogen sulfide (H2S) safety.
XI Technologies has moved to our NEW LOCATION:
XI Technologies Inc.
2400 – 500 4th Avenue SW (Altius Centre)
Calgary, Alberta T2P 2V6
Curious to learn more about XI’s product suites? Book a product demo today!
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