期刊
RESOURCE AND ENERGY ECONOMICS
卷 46, 期 -, 页码 23-38出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.reseneeco.2016.07.003
关键词
Royalty payments; Oil; Natural gas; Mineral rights
We study how much private mineral owners capture geologically-driven advantages in well productivity through a higher royalty rate. Using proprietary data from nearly 1.8 million leases, we estimate that the six major shale plays generated $39 billion in private royalties in 2014. There is limited pass-through of resource abundance into royalty rates. A doubling of the ultimate recovery of the average well in a county increases the average royalty rate by 1-2 percentage points (a 6-11 percent increase). Thus, mineral owners benefit from resource abundance primarily through a quantity effect, not through negotiating better lease terms from extraction firms. The low pass-through likely reflects a combination of firms exercising market power in private leasing markets and uncertainty over the value of resource endowments. (C) 2016 Elsevier B.V. All rights reserved.
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