Using Data to Look Forward With Predictive Insights
Marathon Oil SVP and CIO Bruce McCullough shares his thoughts on technology and innovation in the February issue of CIO Review magazine. The article includes commentary on how we can creatively leverage the large data sets we have in our companies to solve new—or old–problems.
Please note our forward-looking statements disclaimer.
"It’s common and comfortable to use data for historical purposes. Asking: What was our production? What were our economics for this well? That’s all backward looking.
We should also be using data for making reliable predictions. Asking: Where’s the best place to drill? How far apart should these wells be? What will be the ultimate recovery for the well?
We can start answering these questions with more precision and accuracy by looking at our data differently.
It all comes down to the ingenuity and drive that people in our industry bring to the table every day, finding solutions that we didn’t think were possible even three years ago."