C&J Energy Services, Inc. provides premium hydraulic fracturing, coiled tubing, and pressure pumping services with a focus on complex, technically demanding well completions. In addition, through its subsidiary Total E&S, Inc., the company manufactures and repairs equipment used in the energy services industry. C&J Energy Services operates in what the company believes to be some of the most geologically challenging basins in South Texas, East Texas-North Louisiana, Western Oklahoma, and West Texas-East New Mexico.
A number of converging factors spurred C&J Energy Services to reevaluate its financial reporting environment. First, the hydraulic fracturing market, in which C&J Energy Services operates, began to grow rapidly. At the same time, the company began to pursue an acquisition strategy. Combined, these factors helped to drive three-fold revenue increases between 2009 and 2010, and 2010 and 2011. The company also went public, requiring more robust financial management and reporting capabilities.
C&J Energy Services looked to replace its cumbersome reporting system with a comprehensive, scalable, Web-based application that could accelerate financial reporting and enable more granular insight.
The company worked with interRel Consulting to implement Oracle’s Hyperion solutions, including, Oracle Essbase and Oracle Hyperion Smart View for Office, for financial reporting and planning to improve revenue and profitability data and cash management.
The Oracle Hyperion solution enables the company to report financial information in just seconds, a process that previously took hours. With this 80% improvement in the financial report the finance team has much more time for analysis.
The new environment also enables the company to capture and report on critical industry metrics, such as revenue per horsepower and well-stage tracking.
“We needed to change our strategy to provide more in-depth reporting and analysis to support performance management and business intelligence. We evaluated both Microsoft and Oracle, and selected what we believed to be the market-leading and more robust Oracle solution,” said Mark Cashiola, corporate controller, C&J Energy Services, Inc.
C&J Energy Services’ detailed revenue, income statement, and balance sheet reporting solution implementation took just eight weeks, with one full-time interRel Consulting employee assigned to the project. interRel Consulting completed the implementation remotely, eliminating travel costs for C&J Energy Services.
“We selected interRel Consulting over several competitors because no other company could compare to interRel’s Hyperion implementation experience. InterRel also delivered our project on time and budget, which was a huge advantage for us,” Cashiola said. (interRel Consulting is an Oracle Specialized partner.)