Mcf: Thousand cubic feet
MMcf: Million cubic feet
Bcf: Billion cubic feet
MMBtu: Million British thermal units – The amount of energy or heating value when burned (for natural gas)
How it’s important to us
These terms are important to us because they are the two primary ways used to measure natural gas. Gas is either measured by volume (cubic feet) or by its energy content (MMBtu). The volume measurement is fairly clear as it’s the raw amount of gas, but depending on the amount of NGL in the gas mixture, its energy content can vary. The ratio of MMBtu to MCF for gas typically ranges from 1:1 to 1.3:1. The higher the NGL content, the “richer” or “wetter” the gas. Wetter gas is more valuable.
It is also important to note that the ‘M’ prefix denotes thousand while ‘MM’ denotes million. Additionally, gas volumes must be measured at a standard pressure base and temperature for consistency, as volume is dependent on these factors. Typical gas measurement atmospheric pressure bases range from 14.65 to 15.025 pounds per square inch absolute (psia) and a temperature of 60 degrees Fahrenheit.