How Diamondback Energy Accelerated their Journey to SAP S/4HANA During the COVID-19 Pandemic

Diamondback Energy is an independent oil and natural gas company headquartered in Midland, Texas, that sought to implement SAP S/4HANA in order to modernize its finance landscape and allow for continued growth.

It partnered with Ernst & Young (EY) to transform operations and migrate from legacy systems (Excalibur and P2 AFE) to SAP S/4HANA. The new SAP platform improves the ERP landscape to allow continued growth while limiting disruption to the business. EY leveraged the breadth of its upstream oil and gas experience, suite of SAP S/4HANA accelerators, and hybrid-agile execution to deliver an industry-leading solution that will allow for scalability, sustainability, and supportability moving forward. Diamondback brought key process and technical expertise to the program to help drive effective decision-making. The new SAP platform accelerates system performance, data integration, and real-time data availability while also supporting Diamondback’s expanded business growth potential.

Significant challenges were efficiently managed throughout the program, including a consolidation of legal entities and two acquisitions. EY’s intelligent transformation platform was leveraged to assess the data, processes, and customizations of the acquired companies and minimize risk for the technical integrations. From discovery to deployment, the team delivered results in a fully remote work environment.

Diamondback can now benefit from more efficient transacting, including month, quarter, and year-end close processes; financial statement generation; reporting ability; and enhanced mobility capabilities. The solution allows Diamondback to take advantage of emerging technologies and have good positioning for future technology advances and growth opportunities.

Key takeaways:

Challenge the thinking that SAP S/4HANA implementations need to be large, transformational efforts. By staying close to standard and establishing a platform, businesses can realize benefits in the near future

Speakers

• Greg Dolezal, VP Information Technology, Diamondback Energy
• Anita Nair, Managing Director, EY