Persistence in new-well oil production per rig across US regions: Evidence from modified panel ratio tests

Nicholas Apergis, Bradley T. Ewing, James E. Payne

Research output: Contribution to journalArticlepeer-review

2 Scopus citations

Abstract

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.

Original languageEnglish
Pages (from-to)2058-2064
Number of pages7
JournalEnergy Sources, Part A: Recovery, Utilization and Environmental Effects
Volume38
Issue number14
DOIs
StatePublished - Jul 17 2016

Keywords

  • Modified panel ratio tests
  • US regions
  • new-well oil production per rig
  • persistence

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