Investment and operating choice: Oil and natural gas futures prices and drilling activity

被引：15

作者：

Chen, Fan ^{[1
]}

Linn, Scott C. ^{[2
]}

机构：

[1] SUNY Coll Oneonta, Sch Business & Econ, 226 Netzer Adm Bldg, Oneonta, NY 13820 USA

[2] Univ Oklahoma, Price Coll Business, 307 W Brooks, Norman, OK 73072 USA

来源：

ENERGY ECONOMICS | 2017年 / 66卷

关键词：

Futures prices; Spot prices; Drilling activity; Price elasticity; VECTOR AUTOREGRESSIONS; COMMODITY FUTURES; CASH FLOW; MARKETS; DISCOVERY; BEHAVIOR; SPOT; OPEC; COINTEGRATION;

D O I：

10.1016/j.eneco.2017.05.012

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We present evidence that changes in oil and natural gas field investment measured by drilling rig use respond positively to changes in the futures prices of oil and natural gas, consistent with predictions based upon value maximizing behavior. These results hold for world regions dominated by private independent oil companies but not national oil companies. In those cases where futures price changes are identified as drivers, the role of spot prices is either absent or weak. The results are robust to several alternative specifications including controls for changes in rig productivity. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：54 / 68

页数：15

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