BTU Analytics provides independent fundamentals-based consulting and analytical reports to the North American oil, NGL, and natural gas markets. Our focus is giving clients answers to complex questions supported by data and backed by analysis of the market from wellhead to burner tip. We form our view by bringing together bottoms-up fundamental analysis with upstream financial analysis to allow our clients to better navigate the market and determine opportunities and risks in the face of ever-evolving market conditions.


Andrew Bradford

Andrew Bradford is the CEO of BTU Analytics where his responsibilities include commercial operations, business development, product development, and natural gas project consulting. Prior to BTU Analytics, he was the Senior Commercial Director of North American Natural Gas at Platts-Bentek Energy where he led the Bentek’s natural gas analytics team and ran commercial operations for Platts publications Gas Daily and Inside FERC Gas Market Report.  In this role, he served on the National Petroleum Council’s 2011 Prudent Development study.  Andrew launched Bentek Energy’s Northeast analysis in 2008 and consulted clients on many early Marcellus pipeline transportation strategies.  Andrew’s 20 plus years of experience in the energy industry includes positions at Amoco Production Company and Constellation Energy. He holds a Masters in Energy and Environmental Analysis from Boston University and a Bachelors in Geology from Colorado College.

Kathryn Downey Miller

Kathryn Downey Miller is a partner at BTU Analytics, LLC and managing director of analytics and consulting services. She leads the firm’s consulting and analytics groups in delivering market advisory services to clients across all sectors of the energy industry. Prior to BTU Analytics, Kathryn led the consulting services group at Bentek Energy. Kathryn’s market expertise is drawn from a diverse set of prior roles within the industry, including buyside investment research focused on E&P equities, investor relations strategy consulting for E&P and service companies and investment banking. She speaks frequently at industry events on North American energy markets and is a CFA Charterholder.

Anthony (Tony) Scott

Tony Scott is a partner at BTU Analytics, LLC and managing director of analytics. Over the last ten years, Tony has built an in-depth understanding of the North American energy market by developing market leading research into coal, natural gas, NGLs, and crude oil markets in North America. He has conducted hundreds of consulting engagements assisting producers, marketers, midstream, refiners, traders, and private equity understand how rapidly changing energy markets in North America would impact their assets and investments. Tony is a frequent speaker at industry events on North American energy markets including the IEF Thought-Leaders Roundtable. Prior to BTU Analytics, Mr. Scott lead the development of Bentek Energy’s upstream, NGL, crude oil, and consulting businesses. He holds a B.S. and M.S. in Mineral Economics from the Colorado School of Mines.

Mason Ender

Mason Ender is a partner at BTU Analytics, LLC and managing director of commercial, overseeing client relations, marketing, sales and operations.  Prior to BTU Analytics, he was the Manager of Sales for Bentek Energy, a division of Platts, where he was also a member of the executive team.  Mason has worked with energy companies both domestically and internationally to implement effective fundamental energy analytic solutions.  Mason also routinely presents energy market dynamics informing the market of upcoming risks and opportunities.


BTU Analytics seeks individuals with a passion for the energy industry who possess the desire and work ethic required to thrive in a start-up atmosphere. Interested in a career at BTU Analytics?  Please email your resume (put your first & last name in the file name of your resume please) with a short description of relevant work experience to careers@btuanalytics.com

 Open Positions

Business Development Manager

Junior Data Scientist

Energy Analyst

Software Engineer

Speaking Engagements

BTU Analytics routinely speaks at company meetings, energy conferences and board meetings. Email info@btuanalytics.com for more information.

Upcoming Events

Kayo Women’s Energy & Resources Summit
April 16, 2019
Houston, TX
Speakers: Kathryn Downey Miller

San Antonio Pipeliners Association Luncheon
February 14, 2019
San Antonio, TX
Speaker: Erika Coombs

Recent Speaking Engagements

Argus Methanol Forum
September 12, 2018
Houston, TX
Speaker: Andrew Bradford

Northeast Energy Commerce Association – Fuels Conference
September 27, 2018
Marlborough, MA
Speaker: Andrew Bradford

Preston OTCG and Line Pipe Forecasting Conference 
September 27, 2018
Houston, TX
Speaker: Matt Hagerty

Enercom’s The Oil and Gas Conference 2018
August 21, 2018
Denver, CO
Speaker: Kathryn Downey Miller

Kayo Women’s Energy & Resources Summit
June 13 & 14, 2018
Houston, TX
Speakers: Kathryn Downey Miller, Erika Coombs

Argus North American Gas Conference
May 22, 2018
Houston, TX
Speaker: Matthew Hoza

University of Oklahoma 2018 Energy Symposium
March 15, 2018
Oklahoma City, OK
Speaker: Andrew Bradford

PIOGA 2018 Spring Meeting
March 21, 2018
Pittsburgh, PA
Speaker: Mason Ender

Houston Gas Processors Association
March 21, 2018
Houston, TX
Speaker: Matthew Hoza

Rocky Mountain GPA Luncheon
March 8, 2018
Denver, CO
Speaker: Kathryn Downey Miller

Morgan Stanley Midstream Energy Conference
February 28, 2018
New York, NY
Speaker: Kathryn Downey Miller

BTU Analytics: What Lies Ahead
February 22, 2018
Houston, TX
Speakers: Kathryn Downey Miller, Tony Scott, Andrew Bradford, Matthew Hoza, Jason Slingsby, Erika Coombs, Marissa Anderson & Matt Hagerty
Conference Link: BTU Analytics: What Lies Ahead

DTC Lunch, Coal and Q&A
December 6, 2017
New York Athletic Club, New York, NY
Speaker: Andrew Bradford


In The News


US Shale Surges as Saudi Arabia Issues Veiled Supply Threats – October 18, 2018

OPEC Fights Back – and This Time, It’s Driving Oil Prices Up November 7, 2017

Dakota Access Line Outlasts Protests, Readies for Service – March 27, 2017

With Tillerson, Trump Gives Keystone XL a Friend in D.C. – December 13, 2016

Canada Fires May Have Prompted Rare U.S. Import of Danish OilJuly 11, 2016

Is the Oil Glut Coming to an End? (Video)- June 14, 2016

Texas Isn’t Scared of $30 Oil – February 3, 2016 


Are Proposed Natural Gas Pipeline Projects Given Sufficient Review? – June 1, 2017

The Booming U.S. Natural Gas Electricity Market – June 12, 2016 

Oil Extends Gains to Sixth Day on Dip in U.S. Output – June 29, 2017

Coal is still king in 18 US states. But for how long? – September 14, 2018

What killed coal? Technology and cheaper alternatives – August 21, 2018

Coal Power Company Files for Bankruptcy and asks Trump for Bailout – April 2, 2018


10-Oil Pulls Back from Gains OPEC say Glut Nearly Gone  – April 19,2018

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KMI Cites Lack of Customer Support in Scrapping Plans for Appalachia NGL Pipeline – October 20, 2018

Despite Growth, Several Factors Could Dent U.S. Natural Gas Exports, Says API – September 24, 2018

Lean Storage, MVP Delay Have East Coast Markets Bracing for Winter Spikes– August 15, 2018

Appalachian Producers Reroute Natural Gas Around Leach XPress Blast Site – June 8, 2018

Deep Well Looking Beyond Appalachia to Expand Long Lateral Know-How – May 10, 2018

May Natural Gas Rallies into Expiry on Another April Storage Withdrawal – April 27, 2018

Natural Gas Futures Fall Again as Milder Temps Weaken Spot Market – April 10, 2018

Mariner East Remains Offline, Raising Questions on Longer-Term Impacts – April 5, 2018

Waha, Other Points Weak Through 2019, But Henry Hub Gains on Exports, Power Demand, BTU Says – March 1, 2018

Polar Vortex-Level Demand Prompts Big NatGas Cash Surge; Futures Rally Too – January 2, 2018

Haynesville’s NatGas Rig Count, Proppant Intensity Surging – October 17, 2017


ETP’s Rover pipeline flows reach new high as Phase 2 begins – May 24, 2018

LNG Delays Worsen Permian’s Infrastructure Outlook – May 21, 2018


U.S. Shale Juggernaut Shows Signs of Fatigue October 5, 2017

Effort to Crush Shale Producers Only Made Them Stronger – June 9, 2017

Oil Prices Lower but Post Weekly Gain – May 20, 2016

Enbridge to Invest $5 Billion in Gulf Coast Oil TerminalsNovember 4, 2015

Energy Pipeline Boom Ends – September 9, 2015


Who’s Who in Energy  October 18, 2016

kallanish logoAppalachia vs. Permian for gas supremacy – September 25, 2018

More attention being paid to Utica play in Pa., West Virginia– May 29, 2018

‘Wall of Cuomo’ blocking major pipeline projects– February 26, 2018

Appalachia pipeline capacity could overwhelm supply – February 14, 2017

Permian asset values ‘distorted’: BTU Analytics’ Miller – February 13, 2017

Happy days in oil industry?  Not so fast   May 31, 2016

Midstream construction finally catches upstream activity –  February 15, 2016


 Despite price bounce, natural gas rebound remains far off–     May 28, 2016

 Drillers share keys to boosting efficiency at DUG East conference–     June 24, 2015


Why Fort Worth-based Range Resources’ $3.3 billion acquisition makes sense – May 16, 2016

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Utica Shale:  the best and worst of shale plays? – November 9, 2015


Profits from Texas oil discovery could extend to Omaha pipeline company Northern Natural Gas – September 9, 2016


Former Interior Secretary Ken Salazar argues against bigger drilling setbacks in Colorado – July 27, 2018

New $1.4 billion pipeline should help oil and gas producers in Denver-Julesburg Basin – January 5, 2018

Higher heating bills on the near horizon – depending on the weather – September 11, 2016

More producers boost their bets on oil play northeast of Denver – December 6, 2015

Private operators are bolstering oil and gas drilling in the Denver-Julesburg Basin – May 12, 2015

Liquified natural gas may boost Western Slope producers’ fortunes – May 4, 2015

Colorado drilling slowdown set to lead to April drop in oil production – March 11, 2015

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Natural gas drop is ‘double whammy’ with oil’s fall – December 26, 2014


Appalachian gas freeze-offs limited – November 27, 2018

Less natgas supply to New England adds to volatility – November 16, 2018

Delays hike cost of Mountain Valley pipeline: EQT – September 25, 2018

US Northeast natgas pipeline project costs rise – September 21, 2018

Gas producers ramping up for Atlantic Sunrise – August 10, 2018

Nat gas bottleneck threatens Permian growth – June 4, 2018

Rover flows reach new high as Phase 2 begins – May 23, 2018

US northeast to get 3 Bcf/d gas takeaway boost – January 11, 2018

Massachusetts reviews natgas manipulation claim – October 19, 2017

TransCanada mulls lowering Mainline tolls again – February 14, 2017

US northeast gas takeaway demand could slow – February 8, 2017

North Dakota gas output to hit record in NovemberDecember 21, 2016


Drillers: $60 oil needed – May 31, 2016


Russian Energy Ministry Expects Crude Oil at $40-$50 in 2016 – May 23, 2016


E&P Companies Target Potential STACK, SCOOP PlaysAugust 25, 2016

Technology Investment Remains Key for Industry Efficiency – May 4, 2016

Oil jumps on IMF growth outlook as Brent tops $70 again – January 23, 2018

Cold chills U.S. shale gas production as heating demand jumps – January 2, 2018

Oil slides again, set for biggest 3-day loss in a year – March 10, 2017

U.S. tight oil players emerge from downturn with daylight to grow – June 5, 2017


Natural Gas ETFs Brighten as U.S. Burns Through Record Stores – January 2, 2018


Worst Hurricane Season In A Decade Threatens Gulf Coast Production – June 5, 2017

Dakota Access boosts drillers, but won’t be a Bakken game-changer – October 12, 2017


Contact Us

BTU Analytics LLC
165 S. Union Blvd., #410
Lakewood, CO 80228