As of September 2025, the frac spread has averaged $3.55/MMBtu—a 5% increase from August’s $3.39/MMBtu, but still 9% lower than the $4.02/MMBtu recorded in September 2024. Propane remains the largest single contributor at $1.37/MMBtu, followed by natural gasoline at $0.97/MMBtu. While both are down from year-ago levels, they continue to dominate the spread. Isobutane and normal butane offer modest support, contributing $0.36/MMBtu and $0.61/MMBtu, respectively. Ethane, which was a slightly negative contributor in June, has climbed steadily and now stands at $0.24/MMBtu.
Featured Articles
- Analyst Insight
Frac Spread - Chart Toppers
Ethane’s out of the red.
After a dip into negative pricing last month, ethane is back in the black—thanks to the end of tariffs that had been dragging down the frac spread.
- Blog
2023 Oil-Weighted E&Ps' Financial Results
<p>(Note: Each column is sortable by clicking once or twice on the column title. For example, clicking on "Revenue" will rank the companies either low-to-high or high-to-low.)</p>
- Blog
Turn the Beat Around - Gas Producers Drive Q4 Earnings Growth as Oil Prices Languish
Most conversations and analyses around hydrocarbon prices tend to focus on crude oil, if for no other reason than the direct exposure we experience when filling up at the pump. After the commodity price crash in early 2020, which threatened the financial stability of U.S. E&Ps, a subsequent surge in oil prices drove a remarkable recovery, winning back investor confidence in the industry. Crude realizations have subsequently declined, slowly but steadily eroding producer results. Fortunately, the outlook for natural gas, which represents just under half the total output of our 38 U.S. E&Ps, has begun to brighten. In today’s RBN blog, we analyze Q4 2024 results for the major E&Ps we cover with a focus on the impact of rising natural gas prices.
