TY - JOUR
T1 - Persistence in new-well oil production per rig across US regions
T2 - Evidence from modified panel ratio tests
AU - Apergis, Nicholas
AU - Ewing, Bradley T.
AU - Payne, James E.
N1 - Publisher Copyright:
© 2016 Taylor & Francis Group, LLC.
PY - 2016/7/17
Y1 - 2016/7/17
N2 - Understanding the performance of new-well oil production per rig over time and across oil-producing regions serves as an important indicator of current and future production capabilities. As such, this study examines the degree of persistence in response to shocks in new-well production per rig for the six major US oil-producing regions using modified panel ratio tests. The results indicate the instability of new-well production per rig as the degree of persistence changes over time. For companies engaged in the exploration and production of oil, the results highlight the price-taking nature of the industry that is heavily dependent on both physical and financial capital to expand and operate.
AB - Understanding the performance of new-well oil production per rig over time and across oil-producing regions serves as an important indicator of current and future production capabilities. As such, this study examines the degree of persistence in response to shocks in new-well production per rig for the six major US oil-producing regions using modified panel ratio tests. The results indicate the instability of new-well production per rig as the degree of persistence changes over time. For companies engaged in the exploration and production of oil, the results highlight the price-taking nature of the industry that is heavily dependent on both physical and financial capital to expand and operate.
KW - Modified panel ratio tests
KW - US regions
KW - new-well oil production per rig
KW - persistence
UR - http://www.scopus.com/inward/record.url?scp=84979984696&partnerID=8YFLogxK
U2 - 10.1080/15567036.2015.1034384
DO - 10.1080/15567036.2015.1034384
M3 - Article
AN - SCOPUS:84979984696
SN - 1556-7036
VL - 38
SP - 2058
EP - 2064
JO - Energy Sources, Part A: Recovery, Utilization and Environmental Effects
JF - Energy Sources, Part A: Recovery, Utilization and Environmental Effects
IS - 14
ER -