Merit Energy Company transforms operations with AI-powered document processing

Merit Energy Company

Overview

With over 30 years of experience, Merit Energy Company (Merit) has an established reputation within the ever-changing oil and gas landscape. With 800+ employees, $4.3B in total assets, and its disciplined approach to operating and developing high-quality oil and gas assets, Merit has many key indicators of its continued industry advancement.

Challenges

In the oil and gas industry, its crucial for employees like land and production teams to be able to access files immediately, but their system in place and off-site storage didn’t allow for it. Files were piling up, and they were running out of space.

The increasing number of land and well files from acquisitions was growing out of hand and causing storage overflow.

Land and production teams didn’t have immediate access to records.

Manual, disjointed scanning and indexing was delaying due diligence and putting the company at risk.

Results

Merit now has an entirely hands-free centralized system that saves operational and storage costs.

They have reduced any risk of non-compliance regarding their document policy, including duplication or extended retention periods.

Finally, they have better file access across their organization, offering accessibility to critical data without slowing down operations.

Hands-free document scanning and indexing process meant allowing their staff to focus on other tasks and saving on operational costs including lowered off-site storage costs

Comprehensive, centralized solution

Increased file accessibility across the organization, especially important to their land and production teams

Reduced risk of non-compliance or duplication

Expedited due diligence

Crisis averted

When three office floors flooded unexpectedly, Merit was relieved knowing their files and data were safe. The solution saved them from an incalculable loss.

Vision

An enterprise-wide, central source of truth:

The future of Merit and DataBank’s partnership includes the long-term goal of creating a document repository for active and archived documents, even after they’ve been divested.

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