Falling natural gas prices have caused many gas-centric E&P companies to give their liquids portfolio closer scrutiny. At the 2012 CERAWeek conference in Houston, several panelists took a broader view of the industry’s shift to oily projects, addressing the impact on demand, reduced imports and production forecasts.

In looking at the current oil versus gas rig count, this is the first time since the early 1990s that the oil rig count in the U.S. has exceeded the gas rig count.

“You could say it was the higher oil price, but ...