Oil wells are expensive to drill, and dry wells are a great concern to oil exploration companies.
Question:
Oil wells are expensive to drill, and dry wells are a great concern to oil exploration companies. The domestic oil and natural gas producer Aegis Oil, LLC describes on its website how improvements in technologies such as three-dimensional seismic imaging have dramatically reduced the number of dry (nonproducing) wells it and other oil exploration companies drill. The following sample data for wells drilled in 2012 and 2018 show the number of dry wells that were drilled in each year.
a. Formulate the null and alternative hypotheses that can be used to test whether the wells drilled in 2012 were more likely to be dry than wells drilled in 2018. b. What is the point estimate of the proportion of wells drilled in 2012 that were dry? c. What is the point estimate of the proportion of wells drilled in 2018 that were dry? d. What is the p-value of your hypothesis test? At α = .05, what conclusion do you draw from your results?
Transcribed Image Text:
Wells Drilled
Dry Wells
2012
119
24
2018
162
18
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