Abstract
This study considers return variation across five sectors of the oil and gas industry. Between 2000 and 2020, firms in refining and marketing and exploration and production had the highest daily expected returns. Exploration and production and equipment and services had the greatest variation with equity market risk and was greater than downstream transportation and pipeline and refining and marketing. By sector, firms in refining and marketing and exploration and production had the greatest equity market risk, whereas integrated and transportation and pipeline had the lowest. Across all sectors, firm returns are positively related to size and value effects. Fracking and non-traditional recovery techniques have increased the likelihood of well completion, decreased equity risk, and decreased expected returns across the oil and gas industry.
| Item Type: | Journal article |
|---|---|
| Faculties: | Economics |
| Subjects: | 300 Social sciences > 330 Economics |
| ISSN: | 1566-1679 |
| Language: | English |
| Item ID: | 111882 |
| Date Deposited: | 02. Apr 2024, 07:30 |
| Last Modified: | 02. Apr 2024, 07:30 |
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