Back then we called it white oil. In 1980, we were getting close to $10 per mcf and $80 per Bbl of crude. So the bigger fields were capable of enormous production. The biggest field was drilled and developed by GHK Petroleum. I worked with Bobby Hefner, who sold the idea of ‘deep gas prices’ to Jimmy Carter. We always knew there was a bunch of gas down deep, but at $.35 per mcf, it was uneconomic.
NGL’s trade at 40-60% of the price of crude oil. Rich gas is always preferred to dry gas, unless you can’t separate them into “white oil.”