As of July 2025, the frac spread has averaged $3.29/MMBtu—a 5% increase from June 2025’s $3.14/MMBtu, but still 31% lower than the $4.77/MMBtu recorded in July 2024. Propane remains the largest single contributor at $1.37/MMBtu, followed by natural gasoline at $0.94/MMBtu. While both are down from year-ago levels, they continue to dominate the spread. Isobutane and normal butane offer modest support, contributing $0.37/MMBtu and $0.54/MMBtu, respectively. The frac spread for ethane, which briefly turned negative in June, has returned to positive $0.07/MMBtu, aided by the recent rollback of tariff policies that had weighed on its value.
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Chart Toppers - Frac Spread
Frac spread edges to $3.55/MMBtu (+4.7% MoM) but remains ~~12% below last year — propane still calls the shots.
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Oil-Weighted E&Ps - Full Year 2018 ($ in Millions)
<p>(Note: Each column is sort-able by clicking once or twice on the column title. For example, clicking on "Revenue" will rank the companies by revenue either low-to-high or high-to-low.)</p>
