Financial research concept

NGL Realization as a Percentage of WTI

NGL realization as a percentage of WTI compares the producer's natural-gas-liquids selling price with crude oil pricing to show NGL monetization relative to an oil benchmark.

By Lee BaileyPublished Sep 25, 2026

Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date: Sep 25, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 18 connected conceptsPart of the reviewed Upstream E&P Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

EOG example
Why the percentage moves
Investor use
Source
Part of the Upstream E&P Economics
See It in Company Research
Continue Research

NGL realization as a percentage of WTI expresses an upstream producer's realized natural-gas-liquids price relative to the West Texas Intermediate crude benchmark.

A simplified form is:

NGL realization % of WTI = realized NGL price per barrel ÷ WTI price per barrel × 100%

EOG example

EOG reported that total NGL realizations were 36.8% of WTI for full-year 2025.

That percentage provides a compact pricing relationship, but it does not imply that NGL barrels are economically equivalent to crude barrels.

Why the percentage moves

NGL pricing depends on the component mix of ethane, propane, butanes, and natural gasoline, as well as processing arrangements, regional infrastructure, exports, and petrochemical demand.

A higher percentage of WTI can reflect stronger NGL markets or a more valuable liquids mix.

Investor use

Use the ratio with NGL production volumes, GP&T costs, and overall Oil Production Mix. A higher realization percentage can still be offset by higher processing or transportation costs.

Source

EOG Resources 2025 Form 10-K

Part of the Upstream E&P Economics

Connect realized pricing, per-BOE revenue and costs, reserve development, PUD conversion, and standardized reserve value to understand exploration and production economics.

Browse the full operating model in Company Analysis →

Where this concept fits

Commodity realizations and revenue per BOECurrent relationship
Crude and natural-gas benchmark differentials plus NGL realization relative to WTI show how market and location effects shape pricing, while composite operating revenue per BOE combines those realizations with production mix into one issuer-level revenue measure.
Operating Revenue per BOE Oil Realization Differential Gas Realization DifferentialNGL Realization % of WTICurrent concept
Operating cost and per-unit profitability
Lifting cost frames field-level production expense, GP&T cost captures processing and delivery, and DD&A per BOE allocates capitalized asset costs across production. Composite operating income per BOE then shows the resulting issuer-defined per-unit operating profitability after the included cost base.
Lifting Cost Operating Income per BOE Upstream DD&A per BOE GP&T Cost per BOE
Reserve renewal, development capital, and standardized value
Reserve replacement and finding-and-development cost connect depletion with reserve renewal. Developed and undeveloped reserves show development status, PUD conversion volume and capital cost show execution, and future production and development costs feed the standardized discounted reserve-value calculation.
Finding and Development Cost Reserve Replacement Ratio Future Development Costs Future Production Costs Proved Developed Reserves Proved Undeveloped Reserves PUD Conversion Capital Cost PUD Conversion Volume Standardized Measure Discount Oil & Gas Standardized Measure

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

EOGOpen operating-model research →17 of 18 reviewed concepts in Upstream E&P EconomicsCommodity realizations and revenue per BOE4 of 4 bridge concepts supportedContinue through this bridge:Gas Realization Differential Oil Realization Differential Operating Revenue per BOE

Continue Research

Continue from the concept into the Grizzly Bulls research surface that best matches the next question. These links are research continuations, not recommendations or required steps.

Continue Research

Compare public companies

Compare valuation and company research across the reviewed Grizzly Bulls stock universe.

Continue research

Explore more topics in the Financial Research Encyclopedia.