Todd, I agree with everything you said except the statement that “condensates are paid on a per gallon basis…”. Think you are confusing condensate with natural gas liquids, the products like ethane, propane and butane that are produced when the raw natural gas is run though a gas processing plant. Those products are priced by the gallon
Condensate sales as reported on the State Comptroller’s website (CONG) is priced per barrel like crude oil. Condensate has higher API gravity than most grades of crude oil but the main distinction is it is produced by gas wells rather than oil wells.