The frac spread, which compares the value of a typical Mont Belvieu NGL barrel with Henry Hub natural gas on an MMBtu basis, reached $7.80/MMBtu on October 19, up 36% from $5.74/MMBtu a month earlier. NGL prices did the heavy lifting, rising 26% over the past month, while natural gas gained just 5%. Through October 19, the frac spread is averaging $6.95/MMBtu, more than double the $3.16/MMBtu averaged in October 2025.
Featured Articles
- Blog
And the Thunder Rolls – Iran War Roils Pricing Just After U.S. E&P Returns Hit Four-Year Lows
The upstream oil and gas sector has been periodically roiled by dramatic price swings triggered by world events over the last five decades. Today, we analyze the impact of bottoming oil prices on earnings and cash flows as the industry girds for an unpredictable 2026.
- Blog
It’s The Same Old Song – Cost Cutting Sustains E&P Earnings Amid Continuing Commodity Price Volatility
U.S. E&Ps have battled mightily to mitigate the impact on earnings and cash flows caused by the steady erosion in commodity prices, but concerning trends could impact future earnings.
- Blog
Turn, Turn, Turn — Commodity Price Swings Reshape E&P Earnings in Q2 2026
Rising crude oil prices provided a powerful tailwind for Oil-Weighted E&Ps, while plunging natural gas prices wounded Gas-Weighted producers after a bountiful Q1. Today, we review the Q2 2026 results of the 37 publicly traded E&Ps we cover and analyze the remarkably wide performance gap they reveal.
