RE:RE:Ethane is soaring (doubled).When NGL prices were low, it didn't matter much if a producer's NGL mix was 5% or 20%. But as NGL prices increase (been increasing for quite a while, faster than both NG and oil), the difference between 20% NGL and 5% becomes more material. If a producer has 5% NGL and another has 20%, and NGLs are at $45, the difference in overall realization is $6 and change after royalties, which alone probably more than compensates for the higher op costs (AAV vs Kelt for example ^^) of the more liquids rich producer.
Not that the market cares or even realizes IMO.