show the same general pattern: a rise to a maximum in the early 1970s, a sharp decline throughout the 1970s, a recovery in the 1980s, and then another modest decline in the 1990s. The thermal equivalent and quality-corrected EROI for petroleum extraction in the U.S. It is argued that that economic,approaches such as the index or marginal product method,are superior because they account for differences in quality among,fuels. This paper shows that the method,of aggregation has crucial effects on the results of the analysis. A variety of methods have been proposed, but none has received universal acceptance. Such an investigationinvolves aggregating different energy flows. One technique for evaluating the costs of energy systems is net energy analysis, which compares,the quantity of energy delivered to society by an energy system to the energy used directly and indirectly in the delivery process, a quantity called the energy return on investment (EROI). We argue that this summary statistic would provide incentives for companies to innovate and to improve efficiency as well as meet public policy objectives in energy and environment even when the commodity price makes it easier to meet financial objectives.Ībstract Depletion and technological change exert opposing forces on the cost of delivering energy to society. Such a summary statistic will be more useful for investors and public policy analysts than the various energy efficiency statistics buried in the Global Reporting Initiative (GRI) reports voluntarily produced by various companies. We concluded by suggesting that the energy return on investment indicator and the comprehensive efficiency indicator both be disclosed and audited along with financial and commodity reserves metrics. We demonstrated that a comprehensive indicator combining both energy and financial efficiency indicators could be more accurate than either one of them individually, to measure the sustainability and the true value of a company or business unit, recognizing both economic and biophysical value.
However, their comprehensive energy/financial efficiency indicators show no significant trend, which was different from the cases for either one of the individual indicators. Results of our analysis indicate that during the most recent seven years the selected companies' energy return ratio and financial return ratio of unconventional oil and gas extraction operations show obviously different tendencies as a result of oil price fluctuations. Among them, four are oil sands operating companies with the largest oil sands production and three are shale oil and shale gas operating companies with the largest number of drilled but uncompleted shale wells, and complete available data. The model was applied to analyze the comprehensive energy/financial efficiency of seven sample unconventional petroleum (oil and gas) companies in North America. This paper combines the energy return ratio with the financial return ratio through a comprehensive analysis model, which is more parsimonious and more objective than other comprehensive analysis models. People's focus on either financial benefit or ecological benefit makes decisions on unconventional oil and gas extraction hard.
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