True-Up Completion Invoices with Corva Time Analysis and Well Comparison
Completions teams receive a steady flow of invoices from the field. These range from frac and wireline services to a variety of costly frac fluids and chemical additives, such as friction reducers and cross-linked gel. Squaring what was billed with what work was actually performed and how much volume was pumped can be very time-consuming, and distracting, and may not always catch overpayment to vendors.
Here are two quick ways to true up invoices and boost your cash flow: finding an overreported time that your vendor should refund and avoiding consumable overpayments.
Long Swaps Could be Shorter Than They Appear
Many operators rely on their completions service provider to manually track time for services and swap overs. However, manually keeping and reporting NPT across shifts and team members can often introduce mistakes or rounding errors that lead teams to miss the nonproductive time that should be reported and charged back to vendors.
The Corva Completions platform uses automated activity detection to capture all NPT at 1-second intervals, providing a consistent and unbiased record. Leveraging this data, an Anadarko Basin operator deployed Corva’s Time Analysis app which enables users to visualize vendor-reported NPT as well as Corva calculated invisible NPT.
Comparing vendor-reported NPT and Corva’s invisible NPT, the operator identified several long swaps with 7.7 hours of unreported NPT. This provided defensible data that the operator used to recoup service charges.
Comparing Reported & Actual Chemical Costs
Using Corva’s Stage Design vs. Actual or Well Comparison apps, truing-up invoices is fast and easy by enabling you to assess actual costs with a detailed overview of chemical, fluid, and proppant usage by stage across the lateral of one well or a group of wells. Additionally, the Well Comparison app can be used in real-time to optimize chemicals for each stage to avoid costly overtreatment.
Helping your team avoid overpayments is just one-way Corva improves your cash flow. Talk to our completions experts to learn how Corva can dramatically reduce fleetwide NPT and costs with some of our other apps, like Swap Over Times to increase crew efficiency or Pressure Rate Comparison to analyze plug performance.