Updated: Aug 30
DENVER, CO. August 8th, 2022: Approaches fall between two extremes when modeling energy production: pure physics and data driven. Even though pure physics models are based on proven principles, they require a lot of inputs that cannot be scaled easily to high well counts that are rapidly evolving.
In other words, models are no longer reliable shortly after they are made, even if created for every well. Other solutions require significant engineering time for upkeep. Data driven is easier to manage but loses causality and neglects physics. Funk Futures has partnered with Xecta, a cutting edge innovator that provides network optimization products to the energy industry, solving problems that well operators normally find difficult to scale. Xecta does this automatically so every well is modeled every day across the field.
The company’s AI and physics driven tools help operators increase production and reduce costs. For Unconventionals, that means a model for every well, every day that feeds engineering workflows such as artificial lift optimization, exception based insights, and artificial lift timing.
Funk Futures CEO Jeremy Funk is fired up about the partnership. “The Xecta team is STRONG. They are led by well-respected, innovative and seasoned resources from Anadarko, Murphy, and BHP. They take a unique approach and time is on their side - by any quantitative and qualitative metric.”
Xecta’s Executive VP of Business Development, Jose Silva, is psyched about Funk Futures ability to connect his company with operators in North America. “We are confident in our approach, and it has been validated by operators of ALL sizes. We are excited to help solve real problems and Funk Futures is helping us meet the people that can make that happen. “
As operating conditions change, Xecta provides ideal operational set-points for each well. Utilizing machine learning, Xecta enables operators to maximize asset potential with guidance for operating on the physical limit of each well. The company offers predictive and prescriptive solutions to problems that occur during production and autonomous interconnected drilling engineering models analyzed against actual data.
About Funk Futures
Funk Futures works with best of breed Energy Tech companies to help leverage their offerings and create revenue opportunities across the industry. The company combines an unrivaled rolodex, energy industry knowledge, and a “Midas touch” to connect innovators with leading operators. Funk Futures provides contract sales, recruiting, and consulting services with a focus on early stage companies.