What motivates merger and acquisition activities in the upstream oil & gas sectors in the U.S.? (Englisch)

in Energy Economics ; 65 ; 240-250
Energy Economics
; 2017
  • Neue Suche nach:

The U.S. oil and gas (O&G) industry has experienced a tremendous amount of growth in the last decade or so due to the development of horizontal drilling and fracking technology. In the meantime, the industry has experienced heavy merger and acquisition (M&A) activity, especially in the upstream sectors. While these M&A activities may be related to the aggregate M&A waves in the country, they are unique in their own respect. We recognize that the M&A activities in the energy industry in general, and the O&G sectors in particular, can be different from the traditional sense of M&A activities. In this paper, we provide some stylized facts on the M&A patterns in the upstream O&G sectors, focusing on the factors that influenced these patterns. Our empirical evidence suggests that among the variables we studied, oil price and O&G production are the most important factors that influence M&A activities, while other variables do not show consistent effect across regions and definitions of M&A. In addition, the M&A activities had momentum-building periods and had patterns consistent with a wave hypothesis. Our findings support the notion that industry-specific factors are more important than general economic conditions in determining M&A in the O&G industry. We find evidence supporting both the behavioral and neoclassical theories on M&A.

Wie erhalte ich diesen Titel?

Dokumentinformationen


Inhaltsverzeichnis – Band 65

Zeige alle Jahrgänge und Ausgaben

Die Inhaltsverzeichnisse werden automatisch erzeugt und basieren auf den im Index des TIB-Portals verfügbaren Nachweisen der enthaltenen Aufsätze. Die Anzeige der Jahrgänge kann aufgrund fehlender Aufsatznachweise unvollständig oder lückenhaft sein, obwohl die Zeitschrift komplett in der TIB verfügbar ist.

1
The effects of environmental sustainability and R&D on corporate risk-taking: International evidence
Banerjee, Rajabrata / Gupta, Kartick | 2017
16
The 1000 GtC coal question: Are cases of vastly expanded future coal combustion still plausible?
Justin Ritchie / Hadi Dowlatabadi | 2017
32
Energy demand convergence in APEC: An empirical analysis
Thai-Ha Le / Youngho Chang / Donghyun Park | 2017
42
Price pass-through in US gasoline markets
Benjamin F Blair / Randall C Campbell / Phillip A Mixon | 2017
50
Does speculation in the oil market drive investor herding in emerging stock markets?
Mehmet Balcilar / Riza Demirer / Talat Ulussever | 2017
64
An equilibrium pricing model for wind power futures
Gerke Gersema / David Wozabal | 2017
75
Where do all the windmills go? Influence of the institutional setting on the spatial distribution of renewable energy installation
A Pechan | 2017
87
Downscaling heterogeneous household outcomes in dynamic CGE models for energy-economic analysis
Nikolai B Melnikov / Brian C O’Neill / Michael G Dalton / Bas J van Ruijven | 2017
98
Can an oil-rich economy reduce its income inequality? Empirical evidence from Alaska's Permanent Fund Dividend
Kate Kozminski / Jungho Baek | 2017
105
The effects of border-crossing frequencies associated with carbon footprints on border carbon adjustments
Zengkai Zhang / Kunfu Zhu / Geoffrey JD Hewings | 2017
115
Income and energy use in Bangladesh: A household level analysis
Syed Abul Hasan / Pallab Mozumder | 2017
127
Wind power feasibility analysis under uncertainty in the Brazilian electricity market
Giancarlo Aquila / Paulo Rotela Junior / Edson de Oliveira Pamplona / Anderson Rodrigo de Queiroz | 2017
137
Multiplicative structural decomposition analysis of aggregate embodied energy and emission intensities
Bin Su / BW Ang | 2017
148
Impacts of US biodiesel mandates on world vegetable oil markets
Jingbo Cui / Jeremy I Martin | 2017
161
Switch off the light, please! Energy use, aging population and consumption habits
Rossella Bardazzi / Maria Grazia Pazienza | 2017
172
Do economic and societal factors influence the financial performance of alternative energy firms?
Kartick Gupta | 2017
183
The CO^sub 2^–growth nexus revisited: A nonparametric analysis for the G7 economies over nearly two centuries
Muhammad Shahbaz / Muhammad Shafiullah / Vassilios G Papavassiliou / Shawkat Hammoudeh | 2017
183
The CO2–growth nexus revisited: A nonparametric analysis for the G7 economies over nearly two centuries
Shahbaz, Muhammad / Shafiullah, Muhammad / Papavassiliou, Vassilios G. / Hammoudeh, Shawkat | 2017
194
What is the value of the option to defer an investment in Transmission Expansion Planning? An estimation using Real Options
A Henao / E Sauma / T Reyes / A Gonzalez | 2017
208
Cyclical properties of supply-side and demand-side shocks in oil-based commodity markets
Tomáš Krehlík / Jozef Baruník | 2017
219
The impact of oil prices on bioenergy, emissions and land use
Niven Winchester / Kirby Ledvina | 2017
228
Stochastic convergence in per capita energy use in world
Firouz Fallahi | 2017
240
What motivates merger and acquisition activities in the upstream oil & gas sectors in the U.S.?
Kuang-Chung Hsu / Michael Wright / Zhen Zhu | 2017
251
Implications of the EU Emissions Trading System for the South-East Europe Regional Electricity Market
Verena Viškovic / Yihsu Chen / Afzal S Siddiqui | 2017
262
Public preferences for alternative electricity mixes in post-Fukushima Japan
Katrin Rehdanz / Carsten Schröder / Daiju Narita / Toshihiro Okubo | 2017
271
The long-term relationship between CO^sub 2^ emissions and economic activity in a small open economy: Uruguay 1882–2010
Matías Piaggio / Emilio Padilla / Carolina Román | 2017
271
The long-term relationship between CO2 emissions and economic activity in a small open economy: Uruguay 1882–2010
Piaggio, Matias / Padilla, Emilio / Roman, Carolina | 2017
283
Cost efficiency and electricity market structure: A case study of OECD countries
Victor Ajayi / Thomas Weyman-Jones / Anthony Glass | 2017
292
Crowdfunding cleantech
Cumming, Douglas J / Leboeuf, Gael / Schwienbacher, Armin | 2017
304
Aiming low and achieving it: A long-term analysis of a renewable policy in Chile
Francisco D Munoz / Bruno J Pumarino / Ignacio A Salas | 2017
315
Oil prices and the global economy: Is it different this time around?
Kamiar Mohaddes / M Hashem Pesaran | 2017
326
Gain and loss of money in a choice experiment. The impact of financial loss aversion and risk preferences on willingness to pay to avoid renewable energy externalities
Anna Bartczak / Susan Chilton / Mikolaj Czajkowski / Jürgen Meyerhoff | 2017
335
Electricity demand response to price changes: The Portuguese case taking into account income differences
Susana Silva / Isabel Soares / Carlos Pinho | 2017
343
The impact of wind power support schemes on technology choices
Nils May | 2017
355
The impact of energy consumption and economic development on Ecological Footprint and CO2 emissions: Evidence from a Markov Switching Equilibrium Correction Model
Charfeddine, Lanouar | 2017
355
The impact of energy consumption and economic development on Ecological Footprint and CO^sub 2^ emissions: Evidence from a Markov Switching Equilibrium Correction Model
Lanouar Charfeddine | 2017
375
Bayesian calibration and number of jump components in electricity spot price models
Jhonny Gonzalez / John Moriarty / Jan Palczewski | 2017
389
Measuring scale efficiency and returns to scale on large commercial rooftop photovoltaic systems in California
Toshiyuki Sueyoshi / Derek Wang | 2017
399
Energy intensity and firm growth
Bongseok Choi / Wooyoung Park / Bok-Keun Yu | 2017
411
Comparison of data-rich and small-scale data time series models generating probabilistic forecasts: An application to U.S. natural gas gross withdrawals
Kannika Duangnate / James W Mjelde | 2017
424
Noncausality and the commodity currency hypothesis
Matthijs Lof / Henri Nyberg | 2017
434
Burning wood pellets for US electricity generation? A regime switching analysis
Bin Mei / Michael Wetzstein | 2017
442
Energy paths in the European Union: A model-based clustering approach
Zsuzsanna Csereklyei / Paul W Thurner / Johannes Langer / Helmut Küchenhoff | 2017
458
A two-part feed-in-tariff for intermittent electricity generation
Werner Antweiler | 2017
Editorial Board
| 2017

Ähnliche Titel