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Impact of low prices on shale gas production strategies

Svetlana Ikonnikova and Gürcan Gülen

Year: 2015
Volume: Volume 36
Number: Adelman Special Issue
DOI: 10.5547/01956574.36.SI1.siko
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Abstract:
We investigate shale gas drilling strategies during times of low oil and gas prices. Producers exhaust their high-productivity locations quickly in times of low prices, and then adapt their drilling practices to increase the inventory of commercially viable projects. Investment in a new well may be reduced relative to the cost of previously drilled wells in the same location (from now on, original wells) through closer well spacing, use of existing infrastructure, and, perhaps most importantly, use of fewer inputs (e.g., less water and proppant). Inventory of drilling locations is expanded through such infill drilling, which may or may not be economically viable on an individual well basis but which has the potential to increase area recovery and portfolio returns.



The Impact of Energy Production on Farmland Markets: Evidence from New York’s 2008 Hydraulic Fracturing Moratorium

Jennifer Ifft and Ao Yu

Year: 2021
Volume: Volume 42
Number: Number 3
DOI: 10.5547/01956574.42.3.jiff
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Abstract:
Future conventional and renewable energy production will predominantly occur on farmland, resulting in economic gains as well as potential negative externalities for farmland owners and rural communities. However there is limited research on the economic impact of energy production that takes place on farmland. This study uses the discrete change in expectations caused by the 2008 New York State moratorium on hydraulic fracturing to investigate the net impact of shale gas development on farmland values. We use a difference-in-differences empirical design with a hedonic pricing model. We find that the moratorium led to net economic losses for rural landowners in New York�s Southern tier, as reflected in farmland values declining approximately $1,400/acre.





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