Heterogeneous Oil Supply Elasticities: Indebtedness and Production Responses to the COVID-19 Shock
研究发现负债水平影响石油企业的供给弹性，高负债企业在新冠疫情导致的需求崩溃中减产更少，且更少完成新井，揭示了债务在石油需求冲击传导中的关键作用。
Abstract Debt matters for oil supply elasticities. We document the resiliency of oil production to the COVID-19-related collapse in demand due to indebtedness. We use exogenous variation in the timing of debt-related payments to identify financially constrained operators. We show that more financially constrained firms cut production by less than less-constrained firms and were less likely to complete new wells. To explore the mechanisms, we use borrowing-limit cuts and credit-line drawdowns to measure access to credit, and we exploit failed hedging practices. The propagation of oil demand shocks crucially depends on the indebtedness of the oil sector.