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A Note on Petroleum Industry Exploration Efficiency

E. D. Attanasi

Year: 1984
Volume: Volume 5
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol5-No3-9
View Abstract

Abstract:
The concern over natural resource adequacy has led to the development of new theoretical models designed to predict behavior of firms exploring for and exploiting nonrenewable natural resources. However, advances in the theory of the mining firm have generally outpaced our ability to describe the exploration and discovery process empirically. An important topic is the industry's technical exploration efficiency-that is, how much exploration effort is needed to identify the fields with lowest unit production costs, so that extraction can proceed from the lowest to higher-cost resources.



Estimating Industrial Energy Demand with Firm-Level Data: The Case of Indonesia

Mark M. Pitt

Year: 1985
Volume: Volume 6
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol6-No2-3
View Abstract

Abstract:
A number of recent studies have analyzed the role of energy in the structure of production. Most have used either a single time series for a country's manufacturing sector or time series data pooled by country or manufacturing subsector. The absence of similar data sets for developing countries has precluded the same type of analysis of their production structures. This is unfortunate since the impact of higher energy prices on these countries has been at least as severe as on the industrial countries. Furthermore, since it is likely that their structure of production is significantly different, the results of the existing econometric literature may not be applicable in understanding the role of energy prices in their economies.



Effects of an Increasing Role for Independents on Petroleum Resource Development in the Gulf of Mexico OCS Region

Omowumi O. Iledare, Allan G. Pulsipher and Robert H. Baumann

Year: 1995
Volume: Volume16
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol16-No2-3
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Abstract:
Major oil and gas companies are shifting their exploration and production (E&P) investment from the United States to foreign countries. As they do so, smaller companies, "independents," are expected to play a more prominent role in domestic E&P. Within both industry and government circles the apprehension is widespread that such a shift from the majors to the independents will cause domestic oil and gas resources to be developed less aggressively and less efficiently. This paper attempts to discern and quantify differences infirm behavior and success among firms of different sizes (majors, large and small independents) operating on the Gulf of Mexico OCS region. Contrary to conventional thinking, descriptive analysis of data on drilling effort and outcomes on the Gulf of Mexico indicates independents have been both more aggressive and successful than the majors in exploration while the majors have been only moderately more successful than independents in development drilling.



Climate Policy & Corporate Behavior

Nicola Commins, Seán Lyons, Marc Schiffbauer, and Richard S.J. Tol

Year: 2011
Volume: Volume 32
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol32-No4-4
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Abstract:
In this paper, we study the impact of energy taxes and the EU ETS on a large number of firms in Europe between 1996 and 2007. Using company level micro-data, we examine how firms in different sectors were affected by environmental policies. Aspects of behavior and performance studied include total factor productivity, employment levels, investment behavior and profitability. On the whole, energy taxes increased total factor productivity and returns to capital but decreased employment, with a mixed effect on investment, for the sectors included in our analysis. However, large sectoral variation is observed, with some industries losing out in terms of productivity and profitability when faced with increased energy taxes, while others benefitted.



Did the EU ETS Make a Difference? An Empirical Assessment Using Lithuanian Firm-Level Data

Jurate Jaraite-Kažukauske and Corrado Di Maria

Year: 2016
Volume: Volume 37
Number: Number 1
DOI: 10.5547/01956574.37.2.jjar
View Abstract

Abstract:
We use a panel dataset of about 5,000 Lithuanian firms between 2003 and 2010, to assess the impact of the EU ETS on the environmental and economic performance of participating firms. Using a matching methodology, we are able to estimate the causal impact of EU ETS participation on CO2 emissions, CO2 intensity, investment behaviour and profitability of participating firms. Our results show that ETS participation did not lead to a reduction in CO2 emissions, while we identify a slight improvement in CO2 intensity. ETS participants are shown to have retired part of their less efficient capital stock, and to have made modest additional investments from 2010. We also show that the EU ETS did not represent a drag on the profitability of participating firms.



Shocks and Stocks: A Bottom-up Assessment of the Relationship Between Oil Prices, Gasoline Prices and the Returns of Chinese Firms

David C. Broadstock, Ying Fan, Qiang Ji, and Dayong Zhang

Year: 2016
Volume: Volume 37
Number: China Special Issue
DOI: 10.5547/01956574.37.SI1.dbro
View Abstract

Abstract:
Oil price shocks are known to affect the financial sector of the economy, due to the inflationary effects, and increasing costs of doing business they create. Though oil-shocks and financial markets are widely researched, there remains scope for deeper understanding using firm level data. We therefore contribute to the literature by extending widely applied multi-factor asset pricing models to a sample of 963 Chinese firms (between 2005-2013) to (i) systematically evaluate their reactions to oil price shocks, and (ii) further include regulated gasoline prices as a more direct measure of the energy-prices faced by firms. 89.2% of firms are susceptible to oil shocks, with positive and negative reactions observed even for firms within the same industry. Gasoline price shocks are more pervasive, affecting 95.7% of firms. Considering oil and gasoline separately allows us to review gasoline price regulation in China, which ultimately appears ineffective in achieving its intended goals.



Firm-level Estimates of Fuel Substitution: An Application to Carbon Pricing

Marie Hyland and Stefanie Haller

Year: 2018
Volume: Volume 39
Number: Number 6
DOI: 10.5547/01956574.39.6.mhyl
View Abstract

Abstract:
We estimate partial and total own and cross price elasticities between electricity, gas and oil, using firm-level data. We find that, based on the partial elasticity measure, electricity is the least-responsive fuel to changes in its own price and in the price of other fuels. The total elasticity measure, which adjusts the partial elasticity for changes in aggregate energy demand induced by individual fuel price changes, reveals that the demand for electricity is much more price responsive than the partial elasticity suggests. Our results illustrate the importance of accounting for the feedback effect between interfactor and interfuel elasticities when considering the effectiveness of environmental taxation. We use the estimated elasticities to simulate the impact of a �15/tCO2 carbon tax on average energy-related CO2 emissions. The carbon tax results in a small reduction in CO2 emissions from oil and gas use, but this reduction is partially offset by an increase in emissions due to increased electricity consumption by some firms.



Carbon Tax and Energy Intensity: Assessing the Channels of Impact using UK Microdata

Morakinyo O. Adetutu, Kayode A. Odusanya, and Thomas G. Weyman-Jones

Year: 2020
Volume: Volume 41
Number: Number 2
DOI: 10.5547/01956574.41.2.made
View Abstract

Abstract:
Prior empirical studies indicate that carbon taxes have a negative impact on energy intensity, yet, the literature is unable to shed much light on the channels through which a moderate carbon tax reduces industrial energy intensity. Using a two-stage econometric approach, we provide the first comprehensive analysis of the five components of the energy intensity gain (EIG) arising from the UK climate change levy (CCL). First, we propose an EIG decomposition based on a stochastic energy cost frontier and a confidential panel of UK manufacturing plants covering 2001-2006. In the second stage, we identify the impact of the CCL on EIG components using an instrumental variable (IV) approach that addresses the endogeneity of the carbon tax rules. Factor substitution and technological progress are the dominant firm responses to the CCL, while energy efficiency is surprisingly the least responsive component. Our findings underscore the challenge arising from overreliance on narrow energy policy objectives such as energy efficiency improvements, suggesting that a broader policy approach aimed at improving overall firm resource allocation might be more appropriate.



Disentangling Costs of Persistent and Transient Technical Inefficiency and Input Misallocation: The Case of Norwegian Electricity Distribution Firms

Subal C. Kumbhakar, Orjan Mydland, Andrew Musau, and Gudbrand Lien

Year: 2020
Volume: Volume 41
Number: Number 3
DOI: 10.5547/01956574.41.3.skum
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Abstract:
Numerous studies have focused on estimating technical inefficiency in electricity distribution firms. However, most of these studies did not distinguish between persistent and transient technical inefficiency. Furthermore, almost none of the studies estimated the cost of input misallocation arising from non-optimal use of inputs. One reason is that the cost function (input distance function) typically used in the literature does not allow for the separation of technical inefficiency and allocative inefficiency. In this study, we estimate both the persistent and transient components of technical inefficiency and input misallocation of Norwegian electricity distribution firms, using panel data from 2000 to 2016. Our modeling and estimation strategy is to use a system approach, consisting of the production function and the first-order conditions of cost minimization. Input misallocation for each pair of inputs is modeled via the first-order conditions of cost minimization. We also estimate the costs of each component of technical inefficiency and input misallocation by deriving the cost function for a multi-output separable production technology. Our modeling and estimation strategy handles endogeneity of inputs. Finally, we allow for inclusion of determinants of persistent and transient technical inefficiency. Our results show that the costs of input misallocation of Norwegian electricity distribution firms are non-negligible.



Herding Cats: Firm Non-Compliance in China’s Industrial Energy Efficiency Program

Valerie J. Karplus, Xingyao Shen, and Da Zhang

Year: 2020
Volume: Volume 41
Number: Number 4
DOI: 10.5547/01956574.41.4.vkar
View Abstract

Abstract:
We study firm responses to a large-scale energy efficiency program in China, focusing on the quality of reporting and compliance outcomes. Using statistical methods to detect data manipulation in compliance reports, we find evidence that firms deliberately exaggerated performance during the first phase of the program (2006-2010), suggesting the high compliance rate was overstated. In its second phase (2011-2015), the number of firms in the program expanded by an order of magnitude, and the compliance rate decreased. We develop a simple model to show how the observed increase in non-compliance is consistent with reduced misreporting. Statistical tests find no evidence of manipulation in the second phase. Larger firms, especially those not controlled by the state, and firms in cities with relatively low growth were more likely to report non-compliance, which suggests a role for state control and local protectionism in shaping compliance decisions. Based on our findings, we offer several lessons for future program design.




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