Imagine a world without paper or manual processesEvery year, the US oil & gas industry spends over $5 billion processing paper documents, representing 2.9% of the cost of a barrel of oil. Paper is still everywhere in an industry that processes 144 million invoices, 60 million royalty check stubs and 240 million payment transactions flowing between thousands of operators, tens of thousands of suppliers and millions of royalty rights owners. At Oildex, our mission is to eliminate all the paper, manual processing and data entry from the oil & gas industry so companies of all types can reduce costs and increase efficiency. We’ve had great success so far, having seen some of our operators achieve nearly 100% electronic invoices. But we’ve really just begun. Our most recent initiative targets another pervasive paper document in oil and gas, the ubiquitous field ticket. We are privately held and backed by Accel-KKR. Our headquarters are in Denver, Colorado, and we have offices in Houston, Calgary, and Austin.
The Oildex NetworkOildex is transforming the way oil and gas companies manage their financial operations. Over 250 operators, 61,000 suppliers, dozens of financial institutions and millions of mineral rights owners in North America use the Oildex Network to seamlessly and securely collaborate across their financial supply chains, automate key business processes, eliminate the high cost and errors of paper, and obtain access to key data to make more informed business decisions.
Oildex by the Numbers
Oildex is a privately held software development company that provides Internet-based financial workflow solutions and transaction services to the petroleum industry. The Oildex culture is one that respects each employee and recognizes individual contributions. Diversity is an asset. Oildex employees are motivated, innovative, and thrive in a team-oriented work environment. Our offices are located in the energy centers of Denver, Colorado, Austin and Houston, Texas and Calgary, Alberta.