钻探截止日期与石油和天然气开发

IF 6.6 1区 经济学 Q1 ECONOMICS
Econometrica Pub Date : 2024-01-30 DOI:10.3982/ECTA18436
Evan Herrnstadt, Ryan Kellogg, Eric Lewis
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引用次数: 0

摘要

矿产所有者与开采公司之间的石油和天然气租约通常会规定一个日期,在该日期之前,开采公司要么钻井,要么失去租约。这些最后期限被称为主要条款。利用路易斯安那州页岩热潮的数据,我们首先表明,就在主要条款截止日期之前,钻井活动会大量集中。这种集中并不一定会减少盈余:利用对企业钻井和投入选择的估算模型,我们表明主要期限可以通过抵消租约特许权使用费的影响来增加总盈余,因为特许权使用费是一种收入税,会延迟钻井。然而,当生产结果对钻井投入敏感时,当钻一口井无限期地延长了可钻更多井的时间时,这些好处就会减少。我们丰富了模型,考虑了矿产所有者的租约提议,发现主要条款对所有者收入的影响较小。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Drilling Deadlines and Oil and Gas Development

Drilling Deadlines and Oil and Gas Development

Oil and gas leases between mineral owners and extraction firms typically specify a date by which the firm must either drill a well or lose the lease. These deadlines are known as primary terms. Using data from the Louisiana shale boom, we first show that well drilling is substantially bunched just before the primary term deadline. This bunching is not necessarily surplus-reducing: using an estimated model of firms' drilling and input choices, we show that primary terms can increase total surplus by countering the effects of leases' royalties, as royalties are a tax on revenue and delay drilling. These benefits are reduced, however, when production outcomes are sensitive to drilling inputs and when drilling one well indefinitely extends the period of time during which additional wells may be drilled. We enrich the model to consider mineral owners' lease offers and find small effects of primary terms on owners' revenue.

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来源期刊
Econometrica
Econometrica 社会科学-数学跨学科应用
CiteScore
11.00
自引率
3.30%
发文量
75
审稿时长
6-12 weeks
期刊介绍: Econometrica publishes original articles in all branches of economics - theoretical and empirical, abstract and applied, providing wide-ranging coverage across the subject area. It promotes studies that aim at the unification of the theoretical-quantitative and the empirical-quantitative approach to economic problems and that are penetrated by constructive and rigorous thinking. It explores a unique range of topics each year - from the frontier of theoretical developments in many new and important areas, to research on current and applied economic problems, to methodologically innovative, theoretical and applied studies in econometrics. Econometrica maintains a long tradition that submitted articles are refereed carefully and that detailed and thoughtful referee reports are provided to the author as an aid to scientific research, thus ensuring the high calibre of papers found in Econometrica. An international board of editors, together with the referees it has selected, has succeeded in substantially reducing editorial turnaround time, thereby encouraging submissions of the highest quality. We strongly encourage recent Ph. D. graduates to submit their work to Econometrica. Our policy is to take into account the fact that recent graduates are less experienced in the process of writing and submitting papers.
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