期刊
ECONOMICS OF INNOVATION AND NEW TECHNOLOGY
卷 -, 期 -, 页码 -出版社
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/10438599.2022.2134126
关键词
Hydraulic-fracturing; technology; financial market and technological change
类别
Fracking and unconventional drilling have had a revolutionary impact on the oil and gas industry, increasing the chance of successful well completion and reducing financial market risk. Independents have been more affected in terms of equity returns compared to Majors.
Fracking and unconventional drilling have revolutionized international oil and natural gas production. Fracking increases the likelihood of well completion and decreases oil and gas equity and commodity market risk. Oil and gas Majors are producers with the greatest time and liquidity in the industry and are the largest integrated producers. Independents are smaller upstream, midstream, and downstream producers that have different capital and infrastructure and are less liquid than Majors. The fracking and unconventional recovery transition decreased returns to Independent equity market returns more than the Majors equity market decrease. Major oil returns increased with the transition by more than Independents. Independent equity returns across groups were higher after the transition than Majors both across and within groups. Fracking technology increased the likelihood of successful well completion, and with lower financial market risk, equity returns decreased in the post-tracking period.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据