BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//UM//UM*Events//EN
CALSCALE:GREGORIAN
BEGIN:VTIMEZONE
TZID:America/Detroit
TZURL:http://tzurl.org/zoneinfo/America/Detroit
X-LIC-LOCATION:America/Detroit
BEGIN:DAYLIGHT
TZOFFSETFROM:-0500
TZOFFSETTO:-0400
TZNAME:EDT
DTSTART:20070311T020000
RRULE:FREQ=YEARLY;BYMONTH=3;BYDAY=2SU
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:-0400
TZOFFSETTO:-0500
TZNAME:EST
DTSTART:20071104T020000
RRULE:FREQ=YEARLY;BYMONTH=11;BYDAY=1SU
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTAMP:20260728T152110
DTSTART;TZID=America/Detroit:20260924T153000
DTEND;TZID=America/Detroit:20260924T163000
SUMMARY:Workshop / Seminar:IES Energy Seminar Series
DESCRIPTION:Cutting Costs or Cutting Corners: Asset Reallocation in Oil and Gas Production\nwith Sarah Armitage and Judson Boomhower\n\nAbstract:\nReallocation of assets across firms can lead to efficiency gains\, but it can also lead to distortions via rent-seeking. We examine the link between asset reallocation and rent-seeking enabled by differences in the expected cost of environmental liabilities. Focusing on the US oil and gas industry\, we develop a conceptual framework that incorporates both firm specialization in well types and the judgment-proof problem\, by which undercapitalized firms can avoid environmental liabilities. We then build a novel dataset with hundreds of thousands of well transfers over 1992 to 2023\, showing that oil and gas wells are transferred frequently\, particularly as they age and their revenues decline. Moreover\, low-value wells are especially likely to be transferred to low-value firms. Transferred wells produce similar amounts in later years\, but are less likely to be plugged -- thus posing greater environmental risk. We conclude with policy implications related to well plugging\, bonding requirements\, and decarbonization. \n\nBiography:\nCatie Hausman is a Professor in the Gerald R. Ford School of Public Policy at the University of Michigan and a Research Associate at the National Bureau of Economic Research. She is an environmental and energy economist. Some of her recent areas of research include electricity transmission policy\; the natural gas sector's role in methane leaks\; the economic damages from climate change\; and inequality in pollution exposure.
UID:147943-21902578@events.umich.edu
URL:https://events.umich.edu/event/147943
CLASS:PUBLIC
STATUS:CONFIRMED
CATEGORIES:CAEN,Civil and Environmental Engineering,Electrical Engineering and Computer Science,Energy,Engineering,Environment,Free,Industrial and Operations Engineering,Interdisciplinary,Law,Materials Science,Mechanical Engineering,Michigan Engineering,Naval Architecture and Marine Engineering,North Campus,Nuclear Engineering and Radiological Sciences,Research,Science,seminar,Social Sciences,Sustainability
LOCATION:
CONTACT:
END:VEVENT
END:VCALENDAR