Constellation’s Upstream business invests in oil and gas development.
Every year, Upstream reviews hundreds of oil and gas well investment opportunities. Each one necessitates intensive evaluation and analysis: engineering, financial, geological and data. And each represents, over the lifetime of the opportunity, a sizeable investment.
Upstream is working with Exelon’s innovation experts and an outside group of data scientists to automate the investment evaluation process while providing a better, more visual way to explore the data about each well, its operators and region.
A faster way to screen opportunities that brings data to life.
The Upstream team wanted a database that aggregated data across multiple sources. The team created a flexible input data model that, combined with visualization tools, made the opportunity evaluation process more efficient and effective through a geographic information system analytical solution.
“We had to create a faster way to screen deals to ensure they meet Exelon’s financial criteria along with operational safety standards and adding shareholder value,” said Chris Buzby, senior tech and process innovation manager at Constellation. “The database allows us to immediately rule out companies that do not meet Exelon’s benchmark. We can quickly move on to the next opportunity.”
A shift from reactive to proactive opportunity sourcing.
Upstream has been using the database since March 2015. By prioritizing investment opportunities, Upstream believes it will complete more deals per year.
Upstream’s database puts Exelon ahead of the game. “The tools and processes allow a shift from reactive to proactive deal sourcing and evaluation,” said Buzby. “We want to have a proactive method so Exelon can approach companies first about potential investment partnerships.”
The Upstream team is another example of what performance that drives progress means. The team has radically improved its speed and decision-making, which helps improve efficiency and brings value and opportunity to shareholders, customers and investment partners.