Successive Linear Programming at Exxon

Baker, Thomas E.

doi:10.1287/mnsc.31.3.264

Cited by 106 publications

(39 citation statements)

References 7 publications

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“…Large-scale optimization models have been successfully implemented in the copper sector [15,16], as well as in other natural resource industries (e.g., Epstein et al in the forest industry [17] or Baker and Ladson [18], and Dyer et al [19], in the crude oil industry). Based on these systems, decision-makers are able to evaluate alternative operational policies and select those that maximize short-term and long-term profits of the business.…”

Section: Literature Reviewmentioning

confidence: 99%

Research on Factors Affecting the Optimal Exploitation of Natural Gas Resources in China

Xiao

Wang

2016

Sustainability

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This paper develops an optimizing model for the long-term exploitation of limited natural gas reserves in China. In addition to describing the life cycle characteristics of natural gas production and introducing the inter-temporal allocation theory, this paper builds the optimal exploitation model of natural gas resources within a gas field in the Ordos Basin as an example to analyze its exploitation scale and how influence factors, such as recovery rate, discount rate and the gas well exhausting cycle, affect the optimal exploration path of this gas field. We determine that an increase in the discount rate stimulates investors to invest more aggressively in natural gas exploitation in the early period due to the lower discounted value, thereby increasing the pace of the exploitation of natural gas and the exhaustion of gas fields. A higher recoverable factor implies more recoverable reserves and greater potential of increasing the output of gas fields. The exhaustion rate of gas wells affects the capability of converting capacity to output. When exhaustion occurs quickly in gas wells, the output will likely increase in the output rising period, and the output will likely decrease at a faster rate in the output reduction period. Price reform affects the economic recoverable reserves of gas fields.

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Section: Literature Reviewmentioning

confidence: 99%

Research on Factors Affecting the Optimal Exploitation of Natural Gas Resources in China

Xiao

Wang

2016

Sustainability

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“…With the idea of linearizing the nonlinear optimization problem and solving the resulting LP in an iterate manner, the methodology is conceptually close to the successive linear programming (SLP) approach that was introduced by Griffith and Stewart (1961) and has since then been applied extensively for large-scale nonlinear optimization problems, especially in the petrochemical industry (e.g. Baker and Lasdon (1985)). …”

Section: Authors Simeon Hagspiel (Ewi)mentioning

confidence: 99%

Cost-optimal power system extension under flow-based market coupling

Hagspiel

Jägemann

Lindenberger

et al. 2014

Energy

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Abstract Electricity market models, implemented as dynamic programming problems, have been applied widely to identify possible pathways towards a cost-optimal and low carbon electricity system. However, the joint optimization of generation and transmission remains challenging, mainly due to the fact that different characteristics and rules apply to commercial and physical exchanges of electricity in meshed networks. This paper presents a methodology that allows to optimize power generation and transmission infrastructures jointly through an iterative approach based on power transfer distribution factors (PTDFs). As PTDFs are linear representations of the physical load flow equations, they can be implemented in a linear programming environment suitable for large scale problems. The algorithm iteratively updates PTDFs when grid infrastructures are modified due to cost-optimal extension and thus yields an optimal solution with a consistent representation of physical load flows. The method is first demonstrated on a simplified three-node model where it is found to be robust and convergent. It is then applied to the European power system in order to find its cost-optimal development under the prescription of strongly decreasing CO 2 emissions until 2050. Terms of use: Documents in

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“…Refinery plants have additional bilinear property constraints, which give rise to what is known as the pooling problem. 12 The structure of a distribution planning model is essentially that of a transshipment problem. 13 The distribution planning model does not include the details of the processes within an individual plant.…”

Section: V C 2011 American Institute Of Chemical Engineersmentioning

confidence: 99%

Optimal design of multiperiod batch‐storage network including transportation processes

Yi¹,

Reklaitis²

2011

AIChE Journal

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An optimally designed of batch-storage network that uses a periodic square wave model provides analytical lot-sizing equations for a complex supply chain network characterized as a multisupplier, multiproduct, multi-stage, nonserial, multicustomer, cyclic system, with recycling or remanufacturing. The network structure includes multiple currency flows and material flows. The processes involve multiple feedstock and product materials with fixed compositions that are highly suitable for production processes. Transportation processes that carry multiple materials of unknown composition are included in this study, and the time frame is varied from a single infinite period to multiple finite periods to accommodate nonperiodic parameter variations. The objective function in the optimization is chosen to minimize the difference between the opportunity costs of currency/material inventories and stockholder benefits given in the numeraire currency. Expressions for the Kuhn-Tucker conditions for the optimization problem are reduced to a multiperiod subproblem describing the average flow rates and the analytical lot-sizing equations. The multiperiod lot-sizing equations are shown to differ from their single-period counterparts. The multiperiod subproblem yields a multiperiod planning model that has many advantages over existing planning models. For example, it contains terms that represent operation frequency dependent costs. Realistically sized numerical examples that deal with multinational corporations are formulated and tested. The effects of corporate income taxes, interest rates, and exchange rates are presented.

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Successive Linear Programming at Exxon

Cited by 106 publications

References 7 publications

Research on Factors Affecting the Optimal Exploitation of Natural Gas Resources in China

Research on Factors Affecting the Optimal Exploitation of Natural Gas Resources in China

Cost-optimal power system extension under flow-based market coupling

Optimal design of multiperiod batch‐storage network including transportation processes

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