Major find
It’s not crude.
It’s NGLs. “All liquids”. This is the way the plays are hyped now to ramp the price of leases for sale.
NGLs have about 55% of the BTUs per barrel that crude has. You have to put 45% more of them into a refinery to get out the same amount of gasoline vs crude. There are liquids in these shale plays, for sure, but the proof is in the pudding, and the pudding is barrels per day. Not barrels of oil equivalent per day. Barrels per day.
Miracles are nice to think about, but they are not likely.
Thanks Ernest.