Collaborative Research: Productivity, Efficiency, and Distortions in the U.S. Shale Boom

合作研究：美国页岩热潮中的生产力、效率和扭曲

• 批准号: 1919499
• 负责人: Ryan Kellogg
• 金额: $ 53.67万
• 依托单位: University of Chicago
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2019
• 资助国家: 美国
• 起止时间: 2019-08-01 至 2024-07-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=1919499&HistoricalAwards=false
• 关键词: Collaborative; Research; Productivity; Efficiency; Distortions

Widespread improvements in the productivity of hydraulic fracturing and horizontal drilling (fracking) have dramatically reshaped U.S. energy markets, unlocking nearly $1 trillion of previously uneconomic shale oil and gas reserves. This project develops a detailed database that links data on mineral leases and well-level drilling and production in the U.S. The project then uses this database to document the causes of productivity growth in the U.S. shale business and measure barriers to further improvements in efficiency. This research examines how firms? economic and contractual environment shapes oil and gas productivity and resource allocation. By combining evidence across multiple U.S. shale plays, the project will provide the first large-scale evidence of how changes in the efficiency of the industry have affected U.S. oil and gas markets. Moreover, the construction of the database is a valuable contribution that substantially facilitates the entry of future researchers into empirical work on the U.S. oil and gas industry. The first study will quantify the economic distortions generated by contractual features in mineral leases, which are agreements between oil and gas firms and private landowners. This research studies how primary term and royalty clauses in mineral leases affect firms? drilling decisions and measures their aggregate impact on hydrocarbon supply. The second study will measure the effect of oil and gas price booms and busts on productivity growth. Many industry participants argue that productivity improvements are greatest during a bust, due to the freeing up of human capital from day-to-day drilling activity. This argument runs counter to standard models in which productivity improvements are most valuable and therefore undertaken when prices are high. This project will provide the first empirical evidence as to when large productivity improvements occur in the shale industry. The third study will explore the wide distribution of firm size in U.S. shale business, which is suggestive of important differences across firms in productivity, and the scope for misallocation of mineral assets. This study will measure the productivity of firms and parcels and then characterize the conditions under which inefficient allocations are generated and persist. Overall, these projects will advance the knowledge on economy-wide productivity and misallocation. The oil and gas industry provide an ideal setting to study these questions because data on both investment and investment outcomes are available at the level of the individual investment. Further, the database linking information on drilling, completions, and production to mineral leases allow for identification in this setting. ---*This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.

水力压裂和水平钻井（压裂）生产率的广泛提高极大地重塑了美国能源市场，释放了近1万亿美元以前不经济的页岩油气储量。该项目开发了一个详细的数据库，将美国的矿产租赁和井级钻井和生产数据联系起来，然后使用该数据库记录美国页岩业务生产率增长的原因，并衡量进一步提高效率的障碍。这项研究探讨了公司如何？经济和契约环境决定了石油和天然气的生产率和资源分配。通过结合美国多个页岩油田的证据，该项目将首次提供大规模证据，证明该行业效率的变化如何影响美国石油和天然气市场。此外，数据库的建设是一个宝贵的贡献，大大促进了未来的研究人员进入美国石油和天然气行业的实证工作。第一项研究将量化矿产租赁合同特征所产生的经济扭曲，这是石油和天然气公司与私人土地所有者之间的协议。本研究主要探讨矿产租让中的一级条款与矿区使用费条款对厂商的影响。钻探决策和测量其对碳氢化合物供应的总体影响。第二项研究将衡量石油和天然气价格繁荣和萧条对生产率增长的影响。许多行业参与者认为，由于人力资本从日常钻井活动中解放出来，生产率的提高在萧条期间是最大的。这一论点与标准模型背道而驰，在标准模型中，生产率的提高是最有价值的，因此在价格高企时进行。该项目将为页岩行业何时出现大规模生产率提高提供第一个经验证据。第三项研究将探讨美国页岩业务中公司规模的广泛分布，这表明公司之间在生产率方面存在重要差异，以及矿产资产的错误分配范围。本研究将衡量企业和包裹的生产率，然后描述低效率分配产生和持续的条件。总的来说，这些项目将促进对整个经济的生产力和分配不当的认识。石油和天然气行业为研究这些问题提供了一个理想的环境，因为在个人投资层面上可以获得有关投资和投资结果的数据。此外，将钻井、完井和生产信息与矿产租赁联系起来的数据库允许在这种情况下进行识别。-* 该奖项反映了NSF的法定使命，并通过使用基金会的知识价值和更广泛的影响审查标准进行评估，被认为值得支持。