Over the past two years we’ve heard the building mantra of “liquids rich” as natural gas producers hawk the wet (and higher valued) by-products saturating their gas streams. This as the price of oil steadied above $100 a barrel before slipping into the $80s, and the price of natural gas sunk into the $2 range, with gas liquids solidly in the middle.

Grinding gears, gas-weighted E&P companies redirected capex and acquisitions to these liquids-rich plays.

The liquids might include oil, condensate or natural gas liquids. But it is the NGLs ...