While many operators have become accustomed to viewing the E&P world as one of oil vs. gas—and the resultant comparative economics—2012 has introduced a new variable into the equation: natural gas liquids.

Historically, operators have experienced a static 55% to 60% yield of natural gas liquids (NGLs) to West Texas Intermediate (WTI) pricing that perhaps was taken for granted. That return certainly helped justify drilling in primarily gassy plays, in which a glut has suppressed natural gas prices, that could be enhanced through liquids extraction. But last March began a ...