Chesapeake partners with technology firm to boost its performance
Chesapeake Energy Corp. announced Thursday it has made a deal with a technology firm to boost its data science and artificial intelligence capabilities.
Officials said the firm's agreement to work with RS Energy Group will further its efforts to improve operational efficiencies and capital disciplines to boost its growth and shareholder returns.
Chesapeake didn't disclose financial details of the arrangement.
On its website, RS Energy Group states it has a 20-year history of building software and analytics solutions.
For upstream oil and gas operators like Chesapeake, it evaluates and recommends solutions to challenges firms have that involve capital allocations, commodity exposure, merger and acquisition deals, drilling and completion activities and performance benchmarks.
RS Energy Group also works with midstream operators, service providers, private equity firms, credit investors and equity investors in the energy industry to provide them with task-specific, data-driven analytics that meet their needs, its website says.
RS Energy Group officials said their firm will offer Chesapeake differentiated and trusted perspectives on technical and capital markets that are integrated with powerful predictive analytics to grow the Oklahoma Citybased firm and improve its capital efficiencies.
Doug Lawler, Chesapeake's president and CEO, stated in the release he expects the partnership will help Chesapeake reach its performance goals based upon RS Energy Group's “deep understanding of our industry, our asset portfolio and physical and financial markets.”
"Working alongside Chesapeake in this partnership is really exciting for RSEG," Manuj Nikhanj, the firm's president and co-CEO, stated in the release.
"The transformational strategies they are implementing align closely with RSEG's rapidly-evolving technology developments. The benefits of this collaborative relationship will be material and impactful for both organizations," Nikhanj stated.