Finding value in the NGL stream – these 10 producers have the highest condensate weighting in their natural gas liquids – BOE Intel

When evaluating NGL production, it’s incredibly important to know the breakdown of those liquids. Traditionally lower value liquids like ethane, propane, butane (C2/C3/C4) simply don’t have the same impact for a company as condensate and pentane (C5+) production.

To show how big a difference it can make, we’ve analyzed all companies tracked by BOE Intel which report realized pricing figures. The median realized price for condensate production in Q4/2023 was $98.20/bbl (Figure 1) whereas the median realized price for other NGL production was only $37.60/bbl in Q4 (Figure 2).

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Figure 1 – Median producer condensate realized price ($/bbl)

Figure 2 – Median producer NGL realized price ($/bbl)

With Alberta having joined the ranks of British Columbia and now providing public data production for all NGLs individually, it’s pretty simple to quickly analyze an NGL stream, and particularly so with BOE Intel. The table below (Figure 3) ranks the top 10 producers with production from the public domain based on the highest % of condensate (including pentane) out of total NGLs. Note that these volumes are from January public data, and are based on gross licensed production (which would assume 100% working interest). It’s also worth pointing out that oil volumes are not considered here for this analysis, and we’ve narrowed down the list of producers to only include those with more than 1,000 bbl/d of gross condensate production in January 2024.

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Figure 3 – Top 10 producers ranked by condensate as a % of NGLs – January gross licensed volumes (turn phone sideways to view table on mobile)