ComboCurve: Data Snaps

ComboCurve: Data Snaps

Data Snaps: Overview

Data Snaps allow users to directly reference headers in economic assumptions. Additionally, users can implement basic arithmetic expressions using those headers to adjust their inputs for economics. Data Snaps provides value to our users in a variety of different ways:

Economic Model Management
  1. In the case of Ownership and Reversions, Data Snaps is extremely useful since oftentimes ownership values are unique to the well. Historically, users would have to perform CSV import of unique models in order to assign ownership values to their wells. However, with data snaps, users will only need to manage a header for their wells and create a SINGLE economic assumption for use across their entire project/environment
  2. It is important that this is the number one thing that is conveyed to our users concerning Data Snaps. They no longer need thousands of unique ownership models in their environments.
Simplified Workflow
  1. As previously mentioned, Data Snaps greatly streamlines the economic model creation workflow. Unless users are modeling complex reversion scenarios, ownership assumptions can be assigned using a single model. Users will just need to create a model one time and then manage a header as they import new wells or the ownership for wells changes.



Data Snaps: Ownership & Reversion

How to Use Data Snaps for Ownership

Using Data Snaps is straightforward. In the Ownership model, users can start by typing “@” in a field they would like to use Data Snaps in:
 

Upon typing ”@”, users will see a dropdown listing the header options:
  1. Header: The “Default” ComboCurve headers (i.e. non custom headers)
  2. CCH (Company Custom Headers): Custom headers created at the company level
  3. PCH (Project Custom Headers): Custom headers created at the project level
Users can then click one of the options in the dropdown to select a header type or use arrow keys and “Enter” to select a header type.

  

Once a header type is selected, users will see the available headers for the given type that they can use in their Data Snaps inputs. Users can scroll through the list and click to select a header, use arrow keys and “Enter” to select a header, or begin typing the name of a header, and the dropdown will dynamically change. Depending on the cell the user is editing, the header options will change. Listed below are the current cells that we allow Data Snaps to be used in and the types of headers that can be used in those cells

  1. WI
    1. Numeric and Percent Headers
  2. NRI
    1. Numeric and Percent Headers
  3. Lease NRI
    1. Numeric and Percent Headers
  4. Reversion Value if Reversion Type is:
    1. IRR, PO W/ INV, PO, Undisc ROI, As Of, WH Cum Oil, WH Cum Gas, or WH Cum BOE
      1. Numeric and Percent Headers
  5. Reversion Value if Reversion Type is:
    1. Date
      1. Date Headers
  6. NPI
    1. Numeric and Percent Headers
  7. Oil NRI
    1. Numeric and Percent Headers
  8. Gas NRI
    1. Numeric and Percent Headers
  9. NGL NRI
    1. Numeric and Percent Headers
  10. Drip Cond NRI
    1. Numeric and Percent Headers
Once a user selects a header, they can hit enter to set the input or begin to use basic arithmetic to adjust the header. There are no mathematical limitations within the cells other than the math expression must be valid (i.e. no double arithmetic signs or incorrect paratheses placement). For cells that can take date header references, users are able to add or subtract from a referenced date header. For example, users could type @CCH_Date + 30 which would be parsed as 30 DAYS after CCH_Date for that given well. At this time, number headers cannot be added to or subtracted from date headers.

 

One other important thing to note is that users will be unable to fully type out the Data Snap formula. This means that a user must use type “@”, then use the dropdown list to select the header. Users will be unable to type “@PCH.” and expect the dropdown list to appear. It is much easier to utilize the dropdown than to type the header type. 

For economic calculations with Data Snaps in the Ownership and Reversion assumption, see the “Overview” section in Economics Compatibility.

Show Values Functionality

One additional feature we have implemented with Data Snaps is the ability to see what value is being returned by a Data Snap input. This functionality only exists in the single well assumption menu. Found at the top right of the assumption menu, users can enable this toggle to see the output of the Data Snap. This is the value that will be used for economic calculations. Note that the model does not have to be saved to utilize this functionality. As long as a cell contains a valid Data Snap input, we can show the output. This functionality also helps with identifying issues with Data Snaps inputs prior to running econ (see “Show Values Method” in the “Identifying Issues with Data Snaps” section)



Data Snaps: CAPEX

Using Data Snaps in CAPEX

Data Snaps can be used in the following fields in the CAPEX assumption:

  1. Tangible ($M)
    1. Allowed Header Types
      1. Number and Percent
    2. Interpreted as
      1. Number
  2. Intangible ($M)
    1. Allowed Header Types
      1. Number and Percent
    2. Interpreted as
      1. Number
  3. - If Criteria Option is anything but Date, Criteria Value
    1. Allowed Header Types
      1. Number and Percent
    2. Interpreted as
      1. Number
  4. - If Criteria Option is Date, Criteria Value
    1. Allowed Header Types
      1. Date
    2. Interpreted as
      1. Date
  5. - If Escalation Start Option is anything but Date, Escalation Start Value
    1. Allowed Header Types
      1. Number and Percent
    2. Interpreted as
      1. Number
  6. - If Escalation Start Option is Date, Escalation Start Value
    1. Allowed Header Types
      1. Date
    2. Interpreted as
      1. Date
  7. - Paying WI / Earning WI
    1. Allowed Header Types
      1. Number and Percent
    2. Interpreted as
      1. Number

Errors/Warnings Associated with CAPEX Data Snaps

Since CAPEX is not a required assumption for running economics, failed Data Snap evaluations will not cause economics to fail for a given well. Instead, we will generate a warning and exclude CAPEX rows from economics based on failed evaluations.

For example:

  1. User has Drilling, Completion, and Facilities categories in a model
  2. User uses Data Snaps in a variety of cells for each of these categories
  3. When running economics, a Data Snap cannot be evaluated for “Tangible” for the Completion category.
  4. As a result, the Drilling and Facilities CAPEX will still be included in economics, but the entire Completion line in the model will be excluded.
  5. If the user has multiple Completion lines, only the ones that had failed Data Snap evaluations will be excluded

Future Functionality

Currently Data Snaps cannot be used in the following locations associated to CAPEX assumptions:

  1. Embedded Lookup Tables
    1. Currently Data Snaps cannot be used in CAPEX ELTs. However, we will be implementing them in the top table of the ELT in the future.
  2. Drilling and Completion Cost Models
    1. Eventually, we will be moving these sub-models to advanced view. For now, users will be unable to access standard view when viewing a saved CAPEX model that uses Data Snaps. If the user attempts to add Data Snaps to an existing CAPEX model that has a DCM or CCM enabled and save that model, we will disable the DCM and CCM (there is adequate warning messaging for this)

Use Cases for CAPEX Data Snaps

Other than being able to model well-specific CAPEX easily, there is one major advantage Data Snaps provides for users in the CAPEX assumption: Drilling and Completion Cost modelling. Below, I have outlined how a DCM and CCM can be modeled using Data Snaps.

Drilling Cost Model




Above, total cost is calculated in $, multiplied by 0.5 for Tangible %, multiplied by 0.5 again due to the cost schedule, then the total result is divided by 1000 to convert back to $M. You may also convert the $/FT TVD and $/FT PLL to $M (0.005 and 0.006 $M/FT).

It is not shown above, but since Tangible is 50% of the cost, the same equation is inputted into Intangible costs. The multiple lines are to trigger 50% at –120 days, and the other 50% at –60 days.

Completion Cost Model

Completion cost models are slightly different when it comes to Data Snaps due to the ability to interpolate between Unit Cost and Prop/PLL for a PLL cost. Data Snaps can be used to model simple Completion costs in a similar manner to that of Drilling. However, with the initial release of Data Snaps, there will be no way to use Data Snaps to model these more complex Completion cost models with interpolation.


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