DENVER, April 11, 2023 /PRNewswire/ -- ResFrac Corporation, a privately held company that provides a physics-based simulation platform integrating diagnostic measurements, production surveillance, and geoscience observations for the oil, gas, and geothermal industries, today announced year-end operational results for 2022.
YEAR-END 2022 HIGHLIGHTS
- Generated a 65% increase in customer usage alongside a 33% increase in monthly active companies on the platform, strong revenue growth, and two regional SPE awards.
- Completed the 'decision support' suite of capabilities around the simulator, providing automated sensitivity analysis, history matching, economic optimization, and uncertainty quantification.
- Coauthored 22 technical papers and case studies with collaborators from 12 different organizations (operators, service companies, and academia). These papers discuss ResFrac's advanced new crack propagation algorithm (MuLTipEl), Enhanced Geothermal Systems, parent/child well interaction, design and implementation of field trials, a modeling study on Hydraulic Fracturing Test Site II, integration of geochemical analysis, tracers, and fiber optic into the modeling workflow, and in-situ measurements of stress and permeability. Case studies identify opportunities to increase DROI or NPV by up to 60%.
- Maintained a commitment to a distributed workforce, allowing ResFrac to mitigate many of the labor challenges experienced in the oil and gas industry.
Commenting on the Company's 2022 year-end results, Mark McClure, Founder and Chief Executive Officer of ResFrac said, "Fiscal 2022 saw us complete a powerful set of tools around our core simulator – automated sensitivity analysis, uncertainty quantification, history matching, and economic optimization. The suite of tools enables ResFrac partners to integrate all diagnostic, measurement, production surveillance and geoscience observations for unprecedented insight into the subsurface process. These accomplishments, driven by the hard-working commitment of our talented employees, have contributed to our success, including growing our client base which now includes seven of the top ten oil and gas producers in the United States."
ResFrac hosted its Fourth Annual Symposium on June 23, 2022, a collaborative effort designed to bring ResFrac users together to share the latest ResFrac case studies, best practices and developments in the industry. ResFrac clients attending the symposium participated in panel discussions, shared case studies and discussed some of the most important developments in the industry. Topics to be discussed in ResFrac's 2023 Symposium, which will be held on June 16, include: integration of physics-driven (ResFrac) simulations and data-driven modeling, fracture reorientation (fracture turning), and augmentation of optimization capabilities (field development planning options), to name a few.
McClure concluded, "ResFrac saw great success in 2022, and the coming year holds even greater promise as ResFrac's capabilities become even more indispensable as the industry acquires more data and tackles tougher rocks. Additionally, in 2023 we are seeing growing momentum for geothermal, our second largest market, as field demonstration projects come online in Nevada and Utah; and increased refrac activity, fueled by constrained resources and demonstrable successes. We will continue to focus on developing cutting edge technical capabilities, guided by the needs of our partners. In the coming year, we will be extending our current software offering by building out new analysis tools to facilitate key processes, integrating machine learning into the workflow, and adding more integrations with third party software. These developments will enable ResFrac to scale even faster and provide ResFrac partners greater insight into subsurface processes."
About ResFrac
ResFrac Corporation is a privately held company that provides a physics-based simulation platform integrating diagnostic measurements, production surveillance, and geoscience observations for the oil, gas, and geothermal industries. Founded in 2018 by a group of Stanford graduates, ResFrac works with seven of the 10 largest oil and gas operators in North America.
SOURCE ResFrac
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